Los Angeles Proposes Millionaires Tax to Help End City’s Homelessness

la-millionaires-tax-homelessness

Los Angeles County is proposing a “millionaires tax” in order to fund a programs aimed at ending homelessness in the region.

The L.A. County Board of Supervisors is planning to put a proposal on the November ballot that would impose a .5% tax for those with personal incomes exceeding $1 million annually. The revenue generated from the tax—estimated to be $250 to $300 million annually—would go toward funding the county’s 47-point program to wipe out homeless in L.A. county.

The Los Angeles Homeless Services Authority found that there were about 46,870 homeless people countywide in January, an increase of about 5.7% from 2015. In fact, Los Angeles City and the surrounding county had the second highest homeless population behind New York City, according to the 2015 Annual Homeless Assessment Report completed by the U.S. Department of Housing and Urban Development. The report also noted that California state had the highest rates of unsheltered homeless people

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SOURCE: TIME Money, Megan Leonhardt

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