A California healthcare workers union has proposed a 5% wealth tax on residents with assets over $1 billion, alongside a one-time $1 billion tax for those with assets exceeding $20 billion. The initiative aims to generate $100 billion to support the state's healthcare program and requires 850,000 signatures to appear on the November 2026 ballot. Crypto industry leaders have expressed concerns, with Kraken co-founder Jesse Powell labeling the proposal as "theft," and Bitwise CEO Hunter Horsley noting discussions about relocation among the wealthy. Despite these reactions, studies suggest that tax-induced relocations are rare, with less than 0.01% of wealthy households moving in response to similar policies in the UK and Norway. The proposal is yet to be voted on or approved by the governor.
California Proposes 5% Wealth Tax on Billionaires, Crypto Executives React
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