Forbes Daily: Crypto Confidence Rises Amid Hope For Lower Interest Rates |
The proposed billionaire tax in California is a long way from actually becoming law. But that hasn’t stopped some of the state’s wealthiest from speaking out—and in some cases, planning ahead.
The policy would impose a one-time 5% tax on the net worth of the state’s billionaires, and those who crafted the proposal say it would raise around $100 billion. Forbes calculates that California residents like Larry Page and Mark Zuckerberg, both worth more than $200 billion, would face tax bills of around $13 billion and $11 billion, respectively.
The prospect already has some packing their bags. Nonetheless, the state is still arguably the best place to build a tech fortune, with a record number of billionaires.
Cryptocurrency markets are rallying, with the price of bitcoin rising more than 8% since hitting a recent low on Saturday. New economic data, including a better-than-expected inflation report, has boosted hopes that the Federal Reserve will move to lower interest rates later this year.
Oil prices reached their highest level in months following President Donald Trump’s threats of U.S. military action in Iran. The country’s oil accounted for over a quarter of global energy supply in 2023, and Iranian officials warned neighboring countries where U.S. troops are based that they would retaliate if the U.S. were to attack.
Geopolitical tensions and questions over the Federal Reserve’s independence