California News Northern California

San Francisco Supervisors Call On State Lawmakers To Make A “Millionaire’s Tax”

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San Francisco supervisors on Tuesday 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.

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