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LA County to ask state to raise income tax on millionaires

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The Los Angeles County Board of Supervisors voted in favor to ask the state to allow them to raise income tax on millionaires to help fight homelessness.

The Los Angeles County Board of Supervisors asked the state for permission to raise the income tax by half a percent on residents making over $1 million a year.

County officials said the move is an effort to increase the amount dedicated to homeless services.

Currently, the county spends nearly $1 billion every year on homeless services and said the move could raise nearly $250 million extra per year.

"We need ongoing revenues in order to have a credible fight against homelessness," Los Angeles County Supervisor Mark Ridely-Thomas said.

According to a polling firm hired by L.A. County, 76 percent of voters said they would support a millionaire tax.

There was a little less support, 68 percent, if the county chose to instead raise the sales tax by half a cent.

County officials estimate the half cent sales tax increase would generate nearly $750 million a year.

The vote on Tuesday was 3-2 in favor of asking Sacramento for permission to put the millionaire tax proposal up for a county-wide vote.

Supervisors Don Knabe and Michael Antonovich voted against the measure.

"Having just another revenue source to build another house is not addressing the root cause of the problem for those people who are mentally or physically ill," Antonovich said.

If Sacramento gives the county permission to put the millionaires tax initiative on the ballot, the earliest residents could cast their vote about the issue would be in March of 2017.
Related Topics:
newstaxeslos angeles board of supervisorshomelessvotingLos AngelesLos Angeles County
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