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Solana Labs co-founder Anatoly Yakovenko entered the wealth tax debate this week, with a warning for founders. He said money printing can inflate asset values and deepen the burden of annual wealth taxes. His response followed comments from entrepreneur and investor David Friedberg, who argued that yearly net worth assessments give the government growing power over private property.
Friedberg said a wealth tax does more than raise a rate on paper. He argued that it gives the government the power to assess private net worth every year. In his words, “A wealth tax takes away private property.”
He also said the compliance burden matters as much as the tax rate. Annual calculations require full disclosure of assets, including holdings that do not trade in public markets. In turn, he said that the process weakens private property rights because the state gains a standing claim over personal wealth.
Friedberg framed the issue as a broader political fight, not a narrow California dispute. He said Senators Bernie Sanders and Elizabeth Warren are backing national wealth-tax proposals. Official releases from both lawmakers show they are advancing fresh wealth-tax measures in 2026.
Yakovenko took Friedberg’s argument a step further and tied it to monetary policy. He said the government can print money, push asset prices higher, and then tax those higher valuations. He argued that this cycle could force company builders to give up more ownership.
That point matters most for founders whose wealth sits in private company equity. Unlike public shares, private stakes do not have a clear daily market price. Critics say that makes valuation harder, invites disputes, and complicates any attempt to set a consistent annual tax base.
At what point does taxing rising paper wealth begin to change who keeps control of the companies they built?
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Supporters of wealth taxes make a different case. They say the measures target only the ultra-wealthy and can raise large sums for public needs. Recent proposals from Sanders and Warren describe annual taxes on top fortunes and project trillions in revenue over a decade.
Those proposals also link the revenue to programs such as health care, education, child care, and housing support. For that reason, backers present the tax as a way to reduce inequality without widening the burden on the middle class. Their argument turns on redistribution, not a broad increase in general taxation.
Still, the clash remains sharp because both sides focus on different risks. Friedberg points to state power, disclosure, and property rights. Yakovenko points to inflation, unrealized gains, and founder dilution, while supporters point to inequality and public funding.
Anatoly Yakovenko’s warning centers on how wealth taxes and rising asset prices could pressure founders to give up more ownership. The debate also raises questions around private asset valuation, disclosure, and policy reach as U.S. lawmakers continue pushing national wealth tax proposals.
