Crypto industry executives oppose California's proposed 5% wealth tax bill for billionaires

ChainCatcher reported that the proposed "Billionaire Tax Act" in California, USA, has sparked strong opposition from several figures in the crypto industry. The proposal aims to impose a 5% wealth tax on individuals with a net worth exceeding $1 billion, with the funds used to support the healthcare system and state-level assistance programs. Industry insiders believe that this policy could lead to an exodus of entrepreneurs and capital, and have a negative impact on the local innovation ecosystem.