Billionaire VC Mike Moritz Blasts Trump's "Brutish" H-1B Visa Fee as Unfair Tax on Tech Talent

Breaking News: Billionaire VC Slams New H-1B Visa Fee as "Brutish Extortion Scheme" The Trump administration's new 100,000 annual levy on H-1B visas has sparked outrage from veteran venture capitalist Michael Moritz. In a scathing Financial Times op-ed, Moritz compares the White House to Tony Sopranos pork store, calling the move another "brutish extortion scheme." Timeline: Last Friday, the Trump administration announced the new H-1B visa fee. Moritz's op-ed was published in the Financial Times on [date]. Immediate Impact and Response: Moritz warns that the policy will backfire by pushing companies to relocate work abroad instead of keeping it stateside. He argues that engineers from top universities in Eastern Europe, Turkey, and India are equally qualified as their American counterparts. Background Context: H-1B visas allow 85,000 skilled foreign workers to enter the US each year. The new fee applies to companies hiring these workers, primarily in tech. Moritz, a former Sequoia Capital honcho, suggests that the White House fundamentally misunderstands why tech companies hire foreign workers. What Happens Next: Moritz proposes doubling or tripling H-1B visas or automatically granting citizenship to foreign nationals earning STEM PhDs from top US universities. His suggestions come as the tech industry grapples with the implications of the new policy. As companies weigh their options, one thing is clear: the future of tech talent in the US hangs in the balance. Expert Analysis: Moritz's proposal to double or triple H-1B visas could have significant implications for the tech industry. By increasing the number of skilled foreign workers allowed into the country, companies may be able to fill labor shortages and drive innovation. However, the new policy also raises questions about the role of foreign talent in the US economy. Real-World Applications: The impact of the new H-1B visa fee will be felt across the tech industry. Companies like Google, Microsoft, and Amazon rely heavily on skilled foreign workers to fill key positions. As Moritz warns, if companies are forced to relocate work abroad, it could have far-reaching consequences for the US economy. Conclusion: The Trump administration's new H-1B visa fee has sparked a heated debate in the tech industry. With Moritz's scathing op-ed and proposals for reform, one thing is clear: the future of tech talent in the US will be shaped by this policy. *This story is developing. Information compiled from Techcrunch reporting.*