FTX CEO and Biden donor Sam Bankman-Fried warns Democrats' billionaire tax plan would cause huge 'collateral damage'

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FTX CEO and Biden donor Sam Bankman-Fried warns Democrats' billionaire tax plan would cause huge 'collateral damage'
© FTX Sam Bankman-Fried cofounded FTX in 2019. FTX

  • The Democrats’ proposed ‘Billionaires’ Tax’ could cause “collateral damage,” FTX boss Sam Bankman-Fried told The New York Times.
  • Such as tax would be a blow to innovation, said the crypto exchange co-founder worth $26.5 billion on paper.
  • Bankman-Fried donated to Joe Biden’s presidential campaign.

The Democrats’ proposed plan to impose new taxes on the ultrawealthy is being met with sharp criticism from the billionaires it is targeting, including Sam Bankman-Fried, co-founder of cryptocurrency exchange FTX.

The so-called “Billionaires’ Tax” proposal would impose annual taxes on the increased value of assets of the richest Americans, even if they’re not sold, or “realized.” The taxes would help cover the Democrats’ potential safety-net package.

“I think this could cause hugely negative collateral damage, significantly reducing the amount of innovation and taxable base in the first place,” Bankman-Fried told The New York Times’ DealBook about the proposal from Sen. Ron Wyden of Oregon.

FTX CEO and Biden donor Sam Bankman-Fried warns Democrats' billionaire tax plan would cause huge 'collateral damage'
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Bankman-Fried is worth $26.5 billion on paper, the report said, and he gave $5 million to support Joe Biden’s presidential campaign in 2020.

The plan from Wyden, chair of the Senate Finance Committee, is expected to be released soon. Right now, assets are taxed when a person sells, working as an incentive for the assets to remain unsold until the holder’s death and then passed on to heirs.

DealBook noted that the world’s richest person, Tesla boss Elon Musk, tweeted that the would money he would have to pay in a wealth tax would be “to get humanity to Mars and preserve the light of consciousness.”

Read the original article on Business Insider

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