Crypto leaders oppose California’s proposed 5% wealth tax

Leading figures in the crypto industry have opposed California’s initiative to impose a 5% tax on billionaires. They warn that such a move might lead to an exodus of wealth and negatively affect the state’s economy.

Proponents, like Rep. Ro Khanna, argue that the tax can fund crucial services. However, critics like Nic Carter highlight risks of capital mobility, reflecting back on failed tax implementations in countries like Norway.