To the editor: The pending lack of healthcare advantages to a large number of Californians poses a severe problem that our state leaders should instantly deal with. Taxing billionaire residents to resolve this downside poses main dangers (“Billionaire-tax backers say they have enough signatures to qualify for ballot,” April 26).
Due to limitations on property tax charges from 1978’s Proposition 13 and a pointy discount in income from the car license charge since 2003, the Golden State, not like many different states, depends closely on the incomes of its wealthiest residents to stability its price range. This fundamental truth creates persistent challenges in Sacramento’s price range course of.
If increasingly more of the very best earners right here decamp, in response to the proposed new tax, to purple states that don’t levy a private earnings tax, the way forward for California’s funds, already unsteady, would grow to be extra clouded with uncertainty.
Our legislators ought to work collectively throughout get together traces to enhance the well being advantages for all Californians over the long run. A one-off tax that can alienate the very best earners away from the state now and sooner or later isn’t the answer.
Christian B. Teeter, Los Angeles
This author teaches world enterprise and worldwide economics at Mount Saint Mary’s College in Los Angeles.
