To the editor: Nicole Nixon writes an attention-grabbing article concerning the measure to levy a one-time 5% tax on California billionaires (“As an alternative of uniting the left, California’s billionaire tax measure has break up Democratic allies,” July 8). Nevertheless, she omits one essential provision of Proposition 40: that it might elevate the state’s cap on taxation of intangible private property. Taxes may very well be levied on residents’ financial savings or portfolios if extra funds are wanted.
This text appears to recommend that the 5% billionaire tax is not going to generate sufficient cash, because of the shortages attributable to President Trump’s “Huge Lovely Invoice.” If Proposition 40 passes, I concern {that a} dangerous precedent will grow to be established and that will be unlucky for California taxpayers.
Susie Lancaster, Los Angeles
