Crypto heavyweights slam proposed 5% wealth tax in California
Prominent figures in the cryptocurrency industry have criticized California's proposed 5% wealth tax, arguing that it could drive innovation and investment out of the state. They contend that such a tax would disproportionately impact high-net-worth individuals, including those in the tech and crypto sectors. The proposal has sparked concerns about its potential to stifle economic growth and discourage entrepreneurs from establishing businesses in California. Advocates for the tax argue it could generate significant revenue for public services, but opponents warn it may lead to an exodus of wealthy residents. The debate highlights the ongoing tension between taxation policies and the growth of the cryptocurrency market.
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