San Francisco Officials Back 'Millionaires Tax' To Counter COVID-19 Fiscal Losses
SAN FRANCISCO (CBS SF) - Supervisors have unanimously approved a resolution urging state lawmakers to look into new ways create revenue to help with the state's economic recovery in the face of the COVID-19 coronavirus, like taxing millionaires.
The resolution, authored by Supervisor Dean Preston, proposes a transfer tax on the highest value real estate transactions worth $10 million or more. It's estimated to generate between $100 million and $150 million annually, Preston's office said.
"The gap between rich and poor, even before this global pandemic, was unacceptable," Preston said in a statement. "But during this time and in the post-COVID period, we need to take every possible measure, both locally and at the state level, to make sure we can continue to fund the absolutely necessary social services for the people who need it most."
With a projected state deficit at $54.3 billion in the next fiscal year, Preston said extra revenue sources are desperately needed. The
resolution is part of a larger grassroots effort across the state, urging cities to show support for a millionaire tax proposal.
Also at the meeting, Supervisor Rafael Mandelman introduced legislation that would require all electric construction for most new homes
and buildings in the city.
If approved, the move would allow the city to build affordable housing quicker, saving time and money by bypassing hook ups for gas stoves. Gas stoves account for nearly 40 percent of the city's greenhouse gas emissions.
The legislation is being backed by the city's Department of the Environment.
