{"id":65490,"date":"2025-12-29T09:16:32","date_gmt":"2025-12-29T09:16:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=65490"},"modified":"2025-12-29T09:16:32","modified_gmt":"2025-12-29T09:16:32","slug":"crypto-titans-revolt-over-californias-5-wealth-tax-proposal","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=65490","title":{"rendered":"Crypto Titans Revolt Over California\u2019s 5% Wealth Tax Proposal"},"content":{"rendered":"
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Leaders in crypto and tech are pushing back hard against a proposed one-time 5% wealth tax<\/a> in California. The measure would hit net worth above $1 billion and would tax paper gains\u2014assets counted even if they haven\u2019t been sold.<\/p>\n

Supporters say the money would pay for health programs and other public services. Based on official estimates, the plan could raise up to ~$100 billion from roughly 200 very wealthy residents.<\/p>\n

What The Tax Would Do<\/h2>\n

According to the initiative\u2019s fiscal outline<\/a>, the levy would apply to net worth on January 1, 2026, and it targets unrealized gains \u2014 stocks, company stakes, and other holdings valued on paper.<\/p>\n

Taxpayers could pay in one lump sum or stretch payments over five years, with interest if they choose the latter. For example, someone with $20 billion in assets would face about $1 billion in liability under a 5% rule. A resident with more than $200 billion could see a bill exceeding $10 billion.<\/p>\n

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A 5% theft of unrealized gains and assets taxes were already paid on is about the most retarded thing I\u2019ve ever heard. I promise you this will be the final straw. Billionaires will take with them all of their spending, hobbies, philanthropy and jobs. Solve the waste\/fraud issue. https:\/\/t.co\/DKcNWni2kB<\/a><\/p>\n

\u2014 Jesse Powell (@jespow) December 28, 2025<\/a><\/p>\n<\/blockquote>\n

Industry Pushback And Warnings<\/h2>\n

Based on reports<\/a>, several high-profile crypto firms and founders say the measure would drive people and money out of California. Executives named in coverage include Hunter Horsley, Jesse Powell, Chamath Palihapitiya, Nic Carter, Alexis Ohanian, and other tech figures.<\/p>\n

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I say this with no joy as a California resident:<\/p>\n

Many who\u2019ve made this state great are quietly discussing leaving or have decided to leave in the next 12 months.<\/p>\n

More generally, one of the fascinating developments of this decade is people voting their views not with the\u2026 https:\/\/t.co\/bTlBnsYdnY<\/a><\/p>\n

\u2014 Hunter Horsley (@HHorsley) December 27, 2025<\/a><\/p>\n<\/blockquote>\n

Their message is simple: large, sudden tax<\/a> bills on paper wealth could force owners to sell stakes or move to other states, which they argue would cost jobs and investment in the local economy. Some say the rule would be especially tough on founders whose wealth is tied up in startups.<\/p>\n

\"\"<\/p>\n

Supporters offer a different view. They argue the charge would target a small group\u2014high net worth individuals\u2014and provide funds for health care, education, and food programs without increasing taxes for middle-income families.<\/p>\n

Representative Ro Khanna has been mentioned as a backer who sees the revenue as a way to strengthen public services.<\/p>\n

Numbers And Unknowns<\/p>\n

The math is clear in one sense: 5% of very large sums adds up quickly. Estimates put potential revenue as high as ~$100 billion. But collection is less certain.<\/p>\n

<\/p>\n

Critics point to past cases where wealth taxes produced less money than forecast because some taxpayers relocated or shifted assets offshore. Valuing private companies and volatile holdings like crypto<\/a> presents practical challenges, and that could make administration complex.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Leaders in crypto and tech are pushing back hard against a proposed one-time 5% wealth tax in California. The measure would hit net worth above $1 billion and would tax paper gains\u2014assets counted even if they haven\u2019t been sold. Supporters say the money would pay for health programs and other public services. Based on official […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-65490","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/65490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65490"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/65490\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}