Tax Talk: Should the Rich Pay More?

A big shot in the crypto world has some thoughts on taxes and wealth. Mike Novogratz, who runs Galaxy Digital, thinks the talk about taxing the super-rich should happen at the national level, not just in states like California. He said this isn't a small issue that will fade away. Novogratz believes most taxes are set by the federal government, so that's where the big discussions should happen. He also thinks people are more likely to move within the U. S. to avoid higher taxes than they are to leave the country. This all comes as California is thinking about a new tax. It's called the 2026 Billionaire Tax Act. This tax would take 5% of the net worth of billionaires living in California. The goal is to raise $100 billion for important services.Some people, like venture capitalist Chamath Palihapitiya, think this tax could hurt young startup founders. He worries it might kill the spirit of entrepreneurship in California. But others, like Rep. Ro Khanna, support the idea, even if some wealthy people threaten to leave the state. A recent report from Oxfam shows just how big the wealth gap is. The top 0. 1% of households control almost a quarter of the U. S. stock market's value. Meanwhile, the bottom half of households hold barely 1%. The top 0. 1% also hold 12. 6% of U. S. assets, which is the highest since the Federal Reserve started tracking wealth in 1989. So, the question is: Should the rich pay more in taxes? And if so, who should decide that?