Coinbase CEO weighs California exit over ‘deeply un-American’ wealth tax

Coinbase CEO Brian Armstrong said he is considering exiting California over the state’s “deeply un-American” proposed wealth tax.

During a Tuesday evening appearance on “The Katie Miller Podcast,” Armstrong warned that tech founders are fleeing California over the state’s proposed first-of-its-kind billionaire tax – and hinted his firm, which operates its largest office in San Francisco, might be next in line.

“I think it’s deeply un-American to seize people’s assets. It might be unconstitutional,” said Armstrong, who is worth an estimated $8.8 billion, according to Forbes. 

He argued that he has paid “tons of taxes” on his income and has no problem doing so – but that an extra tax on wealth and assets “starts to feel like a third-world country. That is a dangerous, dangerous path to go down.

“It’s against my values, I would say. I think it’s bad for the state and for America. So we’re considering any and all options basically at this point to be, in terms of relocation,” Armstrong said.

The exec added that he wouldn’t be so opposed to additional taxes if there wasn’t so much fraud and waste in the government.

Armstrong told CNBC last week that he’s considering relocating his home out of California by the end of the year.