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California Billionaire Tax Sparks Crypto Backlash Ahead of 2026
California’s proposed 5% tax on billionaire wealth has triggered sharp reactions from crypto executives, who warn it could drive capital and entrepreneurs out of the state before 2026. The ballot initiative, called the 2026 Billionaire Tax Act, seeks to tax net wealth above $1 billion to fund healthcare and state assistance programs. The SEIU United Healthcare Workers West union submitted the proposal for the November 2026 ballot. If approved, the tax would apply retroactively to individuals who lived in California as of Jan. 1, 2026. It would include unrealized gains, which may force asset sales. At the same time, ... (full story)
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From financefeeds.com | Dec 29, 2025
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