I think this is all crap. Innovation shouldn’t be affected by government. While I agree that government should get out of the way, I believe that innovation needs more private capital.
Let’s go outside the box. Let’s introduce a 3% annual wealth tax on all accumulated wealth over $10 million. At the same time introduce a new R&D wealth tax credit that offsets the new wealth tax dollar for dollar with each dollar invested in R&D, software development excluded.
Private capital has been misallocated for decades now. Job growth and real GDP growth will depend on actual, tangible production.