According to CoinMeta, six Nobel laureates in Economics have jointly supported Proposition 40 in California, which proposes to levy a 5% tax on the wealth of billionaires within the state, involving approximately $100 billion. The joint letter points out that the wealth of the top 0.001% of Californians has risen from $700 billion to $2.3 trillion over the past decade, and the state income tax paid on their $1.4 trillion in wealth increase between 2019 and 2025 was only 1.6%. Executive Chairman Chris Larsen has invested over $10 million against this proposal; with a net worth of $8.4 billion, this corresponds to a tax liability of about $420 million. (Source: beincrypto)