Ripple and Its Co-Founder Each Donate $5 Million to Oppose California's 5% Wealth Tax

GateNews

2026-03-20 12:37:18

Gate News reports that on March 20, Ripple and its co-founder and Executive Chairman Chris Larsen donated $5 million to the political action committee Golden State Promise to oppose California’s “2026 Billionaire Tax Act.” The proposal requires billionaires residing in California as of January 1, 2026, to pay a one-time 5% wealth tax, with 90% of the revenue allocated to public healthcare. Jesse Powell, co-founder of a major CEX, criticized the proposal as “a 5% theft on unrealized gains.” Due to this tax policy, several billionaires, including Google founders Larry Page, Sergey Brin, and venture capitalist Peter Thiel, have chosen to leave California.

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