[Six Nobel Laureates in Economics Endorse California Billionaire Tax, Ripple Chair Spends Millions to Oppose It] According to a report by Golden Finance on September 21, citing BeInCrypto, six Nobel Prize winners in economics, including Acemoglu, Duflo, and Krugman, jointly endorsed California's Proposition 40 on September 19. The proposal seeks to impose a one-time 5% tax on the wealth of billionaires in the state, with a public vote scheduled for November 3. The tax would target approximately $100 billion. The joint letter states that the wealth of California's richest 0.001% has grown from $700 billion to $2.3 trillion over the past decade. From 2019 to 2025, the state income tax paid on their $1.4 trillion wealth increase would amount to only 1.6%. Imposing a 5% wealth tax on approximately 250 billionaires could raise about $100 billion, which could offset federal Medicaid cuts. On the opposing side, Ripple Labs Executive Chairman Chris Larsen has invested over $10 million to fight the proposal. With a net worth of $8.4 billion, his corresponding tax liability would be approximately $420 million. The committee he supports has also introduced Propositions 41 and 42, either of which, if receiving more votes, could nullify the tax.