Coinbase CEO Warns of California Exodus Over Proposed Wealth Tax

Coinbase CEO Brian Armstrong is considering leaving California if the proposed 5% wealth tax, known as the 'Billionaire Tax Act', becomes law.

The tax would require residents to hand over a portion of their net worth, which Armstrong believes is an unconstitutional asset seizure. He argues that this move mirrors tactics used in third-world countries and borders on fraud, especially considering California's struggles with managing existing revenue.

'Is a wealth tax a fair way to fund public services, or is it just state-sanctioned theft?' Armstrong questions, emphasizing the negative impact this could have on innovators and entrepreneurs in the state.