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California's new proposal has caused quite a stir in the crypto community. The proposed policy targets billionaires with net assets exceeding billion, planning to impose a 5% wealth tax to fund healthcare and state assistance programs.
Upon hearing this news, industry leaders in the crypto space couldn't stay silent. Voices from the industry, including Hunter Horsley, CEO of Bitwise; Nic Carter, founding partner of Castle Island Ventures; and Jesse Powell, co-founder of Kraken, have all expressed opposition.
The logic behind this is straightforward: for entrepreneurs and investors who already pay taxes at the federal level, a state-level wealth tax means double taxation. For the crypto industry, such policies could influence the strategic decisions of large project developers and institutional investors in California. Of course, supporters of the policy believe it is a necessary measure to reduce the wealth gap. Regardless, the game between policy and industry will continue.
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Double taxation? Isn't this outright robbery? No wonder the big shots are all complaining
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Jesse Powell speaks so confidently, I like it
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5% sounds not much, but this is just the beginning
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Does California really want to drive all the big players out?
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The gap between the rich and the poor needs to be narrowed, but this method... is indeed a bit outrageous
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Hunter Horsley and others have a point in opposing, but supporters are not entirely talking nonsense
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This move has directly turned California into an enemy of the public
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Wait, can this policy really pass? I feel it might be sued to death
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Basically, everyone has their reasons, and it’s endless