Crypto Executives Slam Proposed California Tax Act

Contributing sentiments towards policy:

64% : The goal of the tax is to help fund the health care system and state assistance programs.
59% : The act, the 2026 Billionaire Tax Act, is backed by Service Employees International Union-United Healthcare Workers West and proposes a 5% tax on net wealth above $1 billion.
54% : In a series of X posts, he made the case for the tax, and said that it will help fund better childcare, housing, and education.
53% : "Norway has become more equal and made everybody poorer and worse off, just as expected from strong socialist ideas.
51% : Among the crypto and tech leaders that have responded strongly to the proposed tax act is Kraken co-founder Jesse Powell.
49% : He said in a Dec. 28 X post that this tax, if implemented, "will be the final straw.
47% : Pro-crypto lawyer John Deaton pointed to the audit as well, and said that Khanna should focus on the recently reported $70 billion in fraud first before going after the wealthy with the proposed tax.
44% : Join Our Telegram channel to stay up to date on breaking news coverage Heavyweights in the crypto and tech sectors are sounding the alarm over a proposed California tax act, warning it could lead to a wealth exodus and capital flight.
44% : One of the main areas of contention for the proposal is that the tax will also be applied to paper gains that have not yet been realized.
44% : Critics argue that the tax on unrealized gains would force equity and asset sales to cover the costs.
43% : "Friendly reminder to California: Taxes on unrealized capital gains have led to more than half of the wealth held by Norway's top 400 taxpayers moving abroad," Haga said.
42% : Several crypto industry executives have pushed back against the proposed tax act.
41% : "Many who've made this state great are quietly discussing leaving or have decided to leave in the next 12 months," he said. Dune co-founder and CEO Fredrik Haga argued that taxes on the wealthy don't always work, noting that Norway had tried a similar tax.

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