Galaxy Digital CEO Mike Novogratz has called for the federal government to take the lead in discussions on wealth taxation, criticizing state-level initiatives like California's proposed 2026 Billionaire Tax Bill. The bill, which seeks a one-time 5% levy to raise $100 billion, could potentially drive away top talent, Novogratz warned. He highlighted that capital gains tax policies are predominantly federal and noted that wealthy individuals are more likely to relocate within the U.S. rather than move abroad. Currently, the top 0.1% of Americans hold a record 12.6% of the nation's assets.