Crypto billionaires threaten to exit California due to new tax: Is it a real concern?

California’s new assets tax aims to generate 100 billion USD from high-net-worth residents to offset federal healthcare funding cuts. Notable crypto figures like Peter Thiel and Larry Page have signaled plans to depart over this financial burden.

While threats to leave are common among the wealthy, evidence indicates that such claims often do not result in actual relocations. Studies show minimal impact of wealth taxes on millionaire migration, as attachments to community and lifestyle typically outweigh financial considerations.