Trump’s administration last Friday announced A new annual fee of $ 100,000 per visa H-1B, which allows 85,000 qualified foreign employees to enter the USA each yr. The fee applies to corporations employing these employees, mainly in technology.
Venture Capital veteran, Michael Moritz, is not there. In New, Chatna Financial Times op-edThe former honor of the capital sequoia compares the White House with Tony Soprano’s pork shop, calling this move one other “brutal pattern of extortion.”
Moritz claims that Trump mainly misunderstood why technology corporations employ foreign employees, saying that it is about skills and success of labor deficiencies without replacing Americans or reducing costs. He warns politics, warns, forcing corporations to maneuver work to Istanbul, Warsaw or Bangalore as an alternative of keeping it in the United States.
“Bachelor studies from better Eastern Europe, Turkish and Indian universities are as well qualified as their American counterparts,” writes Moritz.
Instead of limiting the H-1B visa, Moritz suggests double or three times or routinely granting citizenship to foreigners earning doctorates from the best universities in the USA. It points to born foreign general directors, such as satya nadella Microsoft and Google Sundar Pichai as examples of the success of the H-1B program. (Elon Musk and co -founder of Instagram Mike Krieger are two others).
Moritz himself received a precursor visa to H-1B in 1979 and since then he writes a billionaire: “I was a grateful country who welcomed me.”