南北战争期间,林肯政府为了筹措军费,不得不通过《税收法案》大幅提高关税,甚至首次开征所得税——这是美国历史上第一次对个人收入征税,直接目的就是为战争埋单。
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And over the last two decades, the center of gravity in capital markets has shifted dramatically toward private ownership. BlackRock CEO Larry Fink pointed out in his 2025 annual letter to investors that 81% of U.S. companies with revenue over $100 million are now privately held. The number of publicly traded companies has fallen roughly 50% since the 1990s. We usually blame regulation or quarterly earnings pressure. Those matter. But I think they’re secondary. The deeper issue is that public markets don’t have the machinery to value complex technology companies properly.