California’s Billionaire Tax Sparks Crypto Exit Threats

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A proposed wealth tax in California has triggered backlash from crypto and tech billionaires, with some threatening to leave the state. The measure, introduced by the Service Employees International Union-United Healthcare Workers West, would impose a 5% tax on residents worth more than $1 billion and a one-time $1 billion levy on those worth over $20 billion, targeting unrealized gains to fund healthcare programs.

High-profile figures such as Peter Thiel and Larry Page have reportedly floated the idea of relocating. Critics warn that an exodus of ultra-wealthy residents could shrink California’s tax base, while supporters argue the proposal could raise as much as $100 billion if approved by voters in 2026.

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if Peter Thiel and Larry Page are even floating relocation, thats a signal whether ppl like it or not