If the US government got nonvoting shares in startups along with VC's then that could bring in lots of revenue from capital gains without calling it "taxes."

If it were in return for a tax break then they might even do it voluntarily. The key would be to get in while valuation is low.

What capital gains? The governments balance sheet doesn't matter...

Think of it like the original Bitcoin wallet, its value is $0 because none of those will ever be sold.

If dividends are involved it could matter but the government basically gets 20% of dividends already and extra 4% doesn't make a huge difference.

Returning to blocking stock buybacks as price manipulation and forcing businesses to give out dividends again would actually impact revenue in a meaningful way in contrast.

The government would need to sell their position in order to have gains.