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California's proposed 5% wealth tax targeting individuals with net worth exceeding $1 billion has sparked pushback from the cryptocurrency industry. Executives and stakeholders within the crypto space have voiced concerns about the measure, raising questions about implementation, economic impact, and the state's broader regulatory stance toward digital assets. The proposal represents another flashpoint between policymakers seeking new revenue streams and the Web3 sector fighting to establish clearer, more favorable tax frameworks.
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If this rule really gets implemented, Silicon Valley tech folks will go crazy.
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Laughing to death, when the government is short of money, they target crypto. Why not impose an internet tax?
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Here they go again, Web3 hasn't even stabilized yet, and they want to charge 5%... outrageous.
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Honestly, if they really implement this, will these big investors just move away?
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California is really getting more and more ridiculous. No wonder so many people are fleeing to Texas.
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Wealth tax is always a pretext; in the end, it’s ordinary people who foot the bill.
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Industry-wide opposition is useless; the government is confident they have no say over crypto.
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That’s why decentralization is necessary. Don’t think you can be exploited by a single government.
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5% isn’t a lot... why is everyone reacting so strongly? I think there’s another motive.
ngl these politicians really don't understand how digital assets work
Here they come again, is it California this time? I've been saying this will drive away all the big money
No, how do you calculate net assets? Does the floor price of NFTs count?
California is short on money and just going to squeeze crypto? That's so greedy
Some whales are scared and are moving to Miami
This 5% may not sound like much, but it's a massive bleed, and they've driven away everyone they could
Including gas fees, everyone is losing money
Crypto bros, this time you've really hit the government's nerve. Enforcement is too complicated, they can't track everything clearly.
Want to harvest profits and still keep a good image, how is that possible?
That's why everyone is BUILDING the Ethereum ecosystem...
Wait, can the government really figure out all BTC addresses? Just asking.
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Honestly, California's move is really pushing us to leave… Isn't this another signal of being unfriendly to crypto?
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Wealth tax… sounds good, but it gets complicated when it comes to on-chain assets. How do you value them, everyone?
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Haha, California wants money on one hand and wants to regulate us on the other—this logic is just incredible.
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Another case showing why you should go to a neutral jurisdiction… California really
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When the government is short of money, they turn to us. This routine is all too familiar.
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Wait, is this 5% annual or a one-time charge? How does the algorithm work? No one can explain it clearly, right?
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My goodness, if California really passes this, how many people will be eager to migrate?
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Just one thing to say: how can they impose a 5% tax on digital assets? It’s not like real estate…