Ripple Spends Millions to Oppose California Billionaire Tax Proposal

• Ripple and Chris Larsen gave $10 million to Golden State Promise to oppose California’s billionaire tax proposal.
• The measure would impose a one-time 5% tax on California’s billionaire residents worth over $1 billion as of Jan. 1, 2026.
• Under the proposal, 90% of the tax revenue would go to public health, with the rest for education and food aid.

Ripple has committed millions of dollars to fight a proposed California billionaire tax, placing the crypto company at the center of a growing political dispute in the state. The campaign also includes support from Ripple co-founder Chris Larsen, who has joined efforts to stop the measure before it reaches voters.

The proposal, called the 2026 Billionaire Tax Act, would apply a one-time 5% tax on the net worth of billionaires living in California on Jan. 1, 2026. If voters approve it, the tax would be collected in 2027…

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