Crypto execs warn California billionaire tax will trigger capital flight

Contributing sentiments towards policy:

64% : Under the 2026 Billionaire Tax Act, California plans to tax fortunes exceeding $1 billion at a rate of 5%, with the proceeds intended for healthcare and social support, according to the SEIU United Healthcare Workers West union.
57% : Through a series of X posts, he claimed the wealth tax will fund better education, housing, and childcare, ultimately benefiting US innovation.
50% : Moreover, billionaires facing a tax on unrealized gains may need to sell assets or parts of their companies to pay, with the option to pay upfront or spread the payment over five years, accruing interest.
48% : Castle Island Ventures co-founder Nic Carter and ProCap BTC CIO Jeff Park also believe the tax could drive billionaires to relocate their capital out of California.
48% : Fredrik Haga, co-founder and CEO of on-chain analytics firm Dune, also explained that when Norway introduced a comparable tax, it triggered an exodus of wealthy individuals and failed to raise the expected funds.
46% : Norway attempted a similar tax, but it led to wealthy individuals relocating and generated less revenue than anticipated.
45% : Many crypto figures are concerned that a proposed 5% wealth tax would prompt wealthy individuals to relocate.
45% : Carter said that while he generally liked Ro and had positive experiences with his staff, he wondered whether they had analyzed how wealth taxes affect capital mobility.
45% : He added that capital mobility has never been higher; thus, a one-off wealth tax sends a message to capital markets that more aggressive measures could come later.
44% : He maintained that Norway's experience showed how aggressive socialist ideas can make society more equal but economically worse off.
41% : Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell, among other crypto leaders, even argued that the tax would simply encourage the wealthy to leave.

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