California's Proposed 5% Wealth Tax Sparks Concerns of Billionaire Exodus
- Wealth Tax Proposal: Under the 2026 Billionaire Tax Act, California plans to impose a 5% tax on fortunes exceeding $1 billion, potentially raising $100 billion for healthcare and social support, yet this policy raises concerns about wealthy individuals relocating, which could impact local economic vitality.
- Asset Liquidation Pressure: Billionaires facing taxes on unrealized gains may need to sell assets to pay taxes, with options to pay over five years accruing interest, which could pressure entrepreneurship and investment willingness, potentially stifling California's innovation environment.
- Opposition Voices: Crypto leaders like Bitwise CEO Hunter Horsley and Kraken co-founder Jesse Powell warn that the tax will drive wealthy individuals away, jeopardizing California's entrepreneurial ecosystem and affecting jobs and philanthropy.
- Historical Lessons: Norway's similar tax system failed to raise expected funds and led to an exodus of wealthy individuals, illustrating that aggressive wealth tax policies may have negative economic repercussions, highlighting the need for California to carefully consider capital mobility when crafting policies.
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Technical Analysis for X
Technical Sentiment Analysis for X Empire (X) As of , X Empire (X) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for X stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, X is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
X Empire (X) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000589 | 0.00000888 | 0.0000114 | 0.0000144 | 0.000017 | 0.00002 | 0.0000225 |
| Fibonacci | 0.00000888 | 0.000011 | 0.0000123 | 0.0000144 | 0.0000166 | 0.0000179 | 0.00002 |
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