Millionaires Targeted in L.A. Tax Proposal to Ease Homelessness
- Los Angeles County seeks 0.5% levy on incomes above $1 million
- Proposal fits trend of higher taxes on incomes of the wealthy
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Los Angeles County leaders are turning to millionaires to pay for solutions to its growing homeless problem, part of a trend of state and local governments looking to raise income taxes on the highest wages.
Supervisors in the county of 10 million, the most populous in the U.S., voted 3-2 Tuesday to ask the California Legislature to permit local governments to levy their own income taxes. The county wants to put the idea to a popular vote in November. California’s statewide rate of 13.3 percent on incomes of more than $1 million already is the nation’s highest.