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Six Nobel laureates in economics jointly support California's Proposition 40, which proposes a 5% tax on the wealth of billionaires in the state, involving approximately $100 billion. The joint letter points out that the wealth of the richest 0.001% of people in California has risen from $700 billion to $2.3 trillion in ten years, and their state income tax on the $1.4 trillion wealth appreciation from 2019 to 2025 is only 1.6%. Ripple Executive Chairman Chris Larsen has invested over $10 million to oppose the proposal, with a net worth of $8.4 billion and a tax liability of approximately $420 million. (Source: BeInCrypto)