Ripple and Founder Donate $5M to Oppose California's Billionaire Tax Act

Chainthink

Release Time: 03/20/2026 12:41:15

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Summary

Ripple and co-founder Chris Larsen each donated $5 million to Golden State Promise to oppose California’s 2026 Billionaire Tax Act. The plan would impose a one-time 5% capital gains tax on billionaires residing in the state as of January 1, 2026, with 90% of the revenue allocated to public healthcare. Critics, including Kraken’s Jesse Powell, have labeled it a "5% theft of unrealized gains." Larry Page and Sergey Brin have already left California in response to the policy. The CFT has also expressed concerns about the broader implications of the tax on financial regulation.

ChainThink reports that on March 20, according to TheStreet, Ripple and its co-founder and executive chairman, Chris Larsen, each donated $5 million to the political action committee Golden State Promise to oppose California’s “2026 Billionaire Tax Act.” The proposal would impose a one-time 5% wealth tax on billionaires residing in California as of January 1, 2026, with 90% of the revenue allocated to public healthcare.

Kraken co-founder Jesse Powell criticized the proposal as "a 5% theft of unrealized gains." Several billionaires, including Google founders Larry Page and Sergey Brin, and venture capitalist Peter Thiel, have chosen to leave California due to this tax policy.

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