VC Mike Moritz criticizes the new H-1B visa fees as the “brutal extortion scheme”

Trump administration last Friday Declare An annual tax of $ 100,000 on H-1B visas, which allow 85,000 foreign workers skilled to enter the United States every year. Fees apply to companies that employ these workers, primarily in technology.

He was never seen as veteran capitalist Michael Moritz. In New, Scathing Vinanchel Times timesThe former Sequoia Capital Honcho team compares the White House to the pork store in Tony Soprano, describing the move “Lynic Bringing Pller”.

Mauritz argues that Trump is mainly his understanding of why technology companies employ foreign workers, saying that it is related to skills and filling in a lack of employment, not to replace Americans or reduce costs. He warns that this policy will lead to counterproductive results by pushing companies to transfer work to Istanbul, Warsaw or Bangalore instead of keeping it.

“Engineers who have university grades from the best Eastern Europe, Turkish and Indian universities are just qualified like their American counterparts,” Moretz writes.

Instead of restricting H-1B visas, Moritz suggests double or three times, or automatically granted nationals to foreign citizens who acquire a PhD STEM from the best American universities. He refers to the senior executives born in foreigners such as Microsoft’s Satya Nadella and Google Sundar Pichai as examples of the success of the H-1B program. (Elon Musk and Instagram co -founder Mike Crager Two others))

Moritz himself received the SED visa to H-1B in 1979, and since then, the billionaire wrote, “I felt grateful to the country that welcomed me.”