Armstrong Considers Leaving California Over Proposed Wealth Tax

Coinbase CEO Brian Armstrong is considering leaving California due to the proposed wealth tax. He described it as 'deeply un-American' and potentially unconstitutional, saying it feels like a third-world country.

Armstrong noted that he has paid a significant amount of income tax but believes additional taxes on wealth and assets contradict his values and are detrimental to both the state and the U.S.

The proposed tax has sparked discussions about state tax policies, with high-net-worth individuals considering relocating to low-tax states. This could lead to an outflow of talent and capital from California, which relies heavily on these taxpayers.