Coinbase CEO Threatens to Leave California Over Proposed Billionaire Tax

Coinbase CEO Brian Armstrong is considering leaving California due to the proposed Wealth Tax Act. He believes it's 'the kind of thing that third-world countries do' and thinks it sets a 'dangerous precedent.'

The tax, known as Proposition 40, would impose a one-time 5% levy on individuals worth $1 billion or more, with revenue going to healthcare, education, and food assistance. Armstrong's net worth is estimated at $7.3 billion, which would put him in the bracket.

He stated that he may leave California before the end of the year but emphasized that 'nothing to announce yet on that front.' His main concern is double taxation and the challenge of valuing assets.