To the Editor:
A few months back, I wrote a letter to the editor discussing the proposed billionaires tax in California. It is now officially called Proposition 40, or Prop 40 for short. My concern with this tax is that, similar to most other taxes that have been introduced in the U.S., once it becomes a law even at a very small percentage, over time it will certainly grow. To recap, the law would tax an individual’s total asset value: home, cars, IRA, pension, business value, stocks, jewelry, etc. and do so “just this once.” Yeah, right.
I had given examples of the Social Security tax and personal income taxes when they were first introduced, and obviously where they have risen to today.
My concern with the billionaires tax is that it could slowly evolve over time to ultimately hit most Americans. The next iteration would be called the millionaires tax, and that has already been proposed by the Democratic senator from Massachusetts, Elizabeth Warren. She feels strongly as (in my humble opinion) do many Democrats, particularly the Democratic Socialists, that anyone who is wealthy achieved their wealth as ill-gotten gains.
As the son of Irish immigrants who arrived on our shores close to penniless, I am disappointed that the Democrats (and Democrat Socialists) view many of their fellow Americans in this light. And I know my father would be disappointed in this position held by DSA leaders.
So I think we should make clear our concerns with the current and future leaders about this line of thinking. It is certainly not in line with what the Founding Fathers believed when they created our amazing democracy. The American Dream is to work hard and to be rewarded for it. It is not to expect the U.S. government to play Robin Hood and hopefully, with our hand out, we get some crumbs.
Lou McElwainBrant BeachOctober 28, 2026
