to the editor: Nicole Nixon writes an interesting article about the move to impose a flat 5% tax on California billionaires (“Rather than uniting the left, California's multibillion-dollar tax measure has divided Democratic allies,” July 8). However, it omits a very important provision of Proposition 40: that it would lift the state's cap on taxes on intangible personal property. Taxes could be imposed on residents' savings or portfolios if more funds are needed.
This article seems to suggest that the 5% tax on billionaires won't make enough money, thanks to the shortages caused by President Trump's “Big Beautiful Bill.” If Proposition 40 passes, I fear it will set a bad precedent and that would be unfortunate for California taxpayers.
Susie Lancaster, Los Angeles
