TechFlow news, January 4th, according to a report by Cointelegraph, A California healthcare workers union has proposed a 5% wealth tax on residents with assets exceeding $1 billion and a one-time $1 billion tax on those with assets over $20 billion, aiming to raise approximately $100 billion for the state's healthcare plan. The proposal requires 850,000 signatures to qualify for the November 2026 election ballot. Kraken co-founder Jesse Powell called the move "theft," while Bitwise CEO Hunter Horsley stated that many are "quietly discussing leaving." However, research data shows that the proportion of wealthy individuals relocating due to taxes is extremely low. Experiences from countries like the UK and Norway indicate that less than 0.01% of wealthy households chose to move after new tax policies were implemented. The proposal has not yet entered the voting stage, let alone received approval from the governor.
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