Ripple and Chris Larsen Donate $10 Million to Oppose California Wealth Tax Proposal

Ripple and its co-founder, Chris Larsen, have collectively contributed $10 million to the political action committee Golden State Promise, aiming to challenge a proposed wealth tax in California. According to NS3.AI, the bill seeks to impose a one-time 5% tax on billionaires residing in the state as of January 1. The legislation intends to allocate 90% of the generated revenue to public health services. Other notable opponents of the proposal include Jesse Powell, Larry Page, Sergey Brin, and Peter Thiel.