To the editor: Nicole Nixon writes an attention-grabbing article concerning the measure to levy a one-time 5% tax on California billionaires (“Instead of uniting the left, California’s billionaire tax measure has split Democratic allies,” July 8). Nonetheless, she omits one essential provision of Proposition 40: that it could elevate the state’s cap on taxation of intangible private property. Taxes might be levied on residents’ financial savings or portfolios if extra funds are wanted.
This text appears to counsel that the 5% billionaire tax is not going to generate sufficient cash, due to the shortages brought on by President Trump’s “Huge Lovely Invoice.” If Proposition 40 passes, I worry {that a} unhealthy precedent will develop into established and that will be unlucky for California taxpayers.
Susie Lancaster, Los Angeles
