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Interesting take, could definitely happen.

Regarding the rate - LTCG depends on ordinary income level. The 2020 rate for someone earning $150k was 15%, so the $10 million exit in the author’s example would be taxed accordingly. Unless I’m missing something here?

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LTCG tax rate is based on your AGI (adjusted gross income) not your wage income.

Capital gains "count" towards your AGI, so if you have $10M in capital gains and $150K in wage income and nothing else, your AGI is $10,150,000 and your LTCG are taxed at 23.8% (20% + 3.8% surtax).

Ah, that clears it up for me. Thanks!

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