Crypto Titans Revolt Over California’s 5% Wealth Tax Proposal
California's proposed one-time 5% wealth tax on net worth exceeding $1 billion, including unrealized gains, is facing strong opposition from crypto and tech leaders. They argue it could drive billionaires and their investments out of the state, force asset sales, and harm the local economy. Supporters claim it would generate up to $100 billion for public services without affecting middle-income families. The tax would apply to paper assets like stocks and crypto, with payment options over five years. Critics highlight challenges in valuation, collection, and potential tax avoidance.
bitcoinist12/29 13:33
