Billionaire VC Mike Moritz slams new H1B visa fee as brutish extortion scheme | TechCrunch
News Source : TechCrunch
News Summary
- The Trump administration announced a new $100,000 annual levy on H-1B visas.
- The fee applies to companies hiring these workers, primarily in tech.
- Veteran venture capitalist Michael Moritz isn’t having it.
- In a new op-ed, he compares the White House to Tony Soprano’s pork store.Moritz argues that Trump fundamentally misunderstands why tech companies hire foreign workers.
- He suggests doubling or tripling them, or automatically granting citizenship to foreign nationals earning STEM PhDs from top U.S. universities.
The Trump administration last Friday announced a new $100,000 annual levy on H1B visas, which allow 85,000 skilled foreign workers to enter the U.S. each year. The fee applies to companies hiring th [+1326 chars]
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