SAN FRANCISCO—On Tuesday, June 30, a “Millionaire’s Tax” resolution, written by San Francisco supervisor, Dean Preston, was approved by the San Francisco Board of Supervisors. The new tax will effect millionaires that conduct real estate transactions worth $10 million or more. The new call hopes to bring in 100 to 150 billion dollars in revenue to help with the financial losses that the state has undergone during the coronavirus pandemic. Preston says that this extra revenue is desperately needed, as San Francisco has projected a state deficit of $54.3 billion in the next fiscal year.
During the meeting with Preston and other San Francisco supervisors, another area that was discussed was finding alternative resolutions to stop the spread of COVID-19. Preston says that he wants an immediate reduction of inmates held in the local prisons. More than 1,000 inmates in San Quentin State Prison and 89 staff members have tested positive for COVID-19. Preston says that the common areas, restrooms, and overcrowded facilities are to blame for contributing to the ongoing spread of the disease.
“But during this time and in the COVID period, we need to take every responsible measure, both locally and at the state level, to make sure we can continue to fund the absolutely necessary social services for people who need it most,” Preston said in a statement.
Preston adds that the gap between the rich and the poor is completely unacceptable even before the global pandemic. He believes that the millionaire tax and the reexamination of inmates will work to help with the state’s economic recovery.