Disagree heartily, the research should be for basic science that's not directly patentable. It should develop the base upon which everything else is built, that's the part of the science that can't get funded through private money. Leave the private money to the parts that can be monetized.

Of course, that's all generalities, sometimes directly monetizable stuff does come out of basic research. But the NFS should focus on basic research, because nobody else will in the US, and if we want to have it here at all, have the practitioners, have the knowledge, and then also reap the economic rewards because we have those people here, we need to fund the basic science that politicians love to mock and criticize.

Agreed. Imagine an IPO where you put in money and then get no returns. Who would invest?

That would be a crappy trade; today, the public benefits multiple times over as commercialization of technology drives the innovation economy. Who cares about sharing a measly fraction of direct profits when we all get long-term growth of our investment and retirement portfolios at upwards of 10% annually?

That is in part why corporate taxes exist.

They do as soon as that company makes a profit, or anyone sells shares in that company.