To the editor: I discovered columnist Michael Hiltzik’s evaluation of Proposition 40 (the billionaire tax) incomplete (“The billionaires’ campaign against the California billionaire tax rests on conjecture and fear-mongering,” Oct. 16). It didn’t point out influential supporters of the tax comparable to Rep. Ro Khanna (D-Fremont) and former gubernatorial candidate Tom Steyer, himself a billionaire, each of whom imagine the uber-wealthy are too busy shielding their fortunes and never acknowledging their debt to the society that made their successes potential.
Additionally, I’m unconvinced that the state will lose gobs of cash ought to the tax move.
Most billionaires take nominal salaries, and their inventory choices are usually not taxed except exercised. They’ll borrow in opposition to their wealth (which additionally shouldn’t be taxed), and so the one method California would take successful as huge because the tax opponents warn is that if the billionaires truly moved all their firms (reasonably than simply themselves) out of state. That appears unlikely as a result of transferring a enterprise bodily is complicated and impacts the lives of 1000’s of employees. Plus, on the finish of the day and regardless of all its issues, California remains to be a fairly cool place to stay.
So in my e book, it’s sure on Proposition 40 and no on Propositions 41 and 42, that are stealthily designed to undo 40 if it passes.
Ann Bowman, Santa Monica
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To the editor: I’m against Proposition 40, however not for the explanations said on this column.
I’m not sympathetic to billionaires, however a one-time tax shouldn’t be the way in which to repair our state’s monetary issues. We’re on this state of affairs as a result of our state authorities is spending greater than it’s bringing in. A 5% tax on billionaires is a huge, one-time pot of revenue. It may pay down slightly little bit of our debt, or hold California’s companies in place which might be well-intentioned however unaffordable. Nevertheless it’s not a long-term answer.
Our state legislators must deliver the funds again to a manageable stage. Proposition 40 is a cop-out by our legislators who don’t wish to do the unpopular work of bringing our spending into line.
Sue Raymond, Montrose
