Coinbase CEO Brian Armstrong Criticizes California’s Proposed Billionaire Tax
Brian Armstrong, the billionaire founder and CEO of Coinbase (COIN), criticized California's proposed wealth tax on live television as reminiscent of practices in 'third-world countries.' He suggested he may relocate out of state before year-end if no resolution is reached. The proposal, known as Proposition 40 or the Billionaire Tax Act, would impose a one-time 5% levy on individuals with net worth exceeding $1 billion starting January 2026. The measure aims to raise tens of billions for healthcare and social programs but has sparked controversy over double taxation concerns. Armstrong expressed particular concern about asset seizures and valuation challenges tied to the tax, which could apply even if a billionaire leaves California before the assessment date in December 2026. Forbes estimates his net worth at $7.3 billion. Armstrong acknowledged he might accept higher taxes if funds were directed toward productive outcomes like education or healthcare but criticized current levels of fraud and inefficiency within state programs.
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Topics: California politics Cryptocurrency Taxation policy Wealth tax