this post was submitted on 12 May 2026
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That is just one small potential tax on the rich. This was only taxing second homes over 5 million (very specific). He's also proposed a 51% increase in city individual income tax for earners over 1m, which would net 4b annually. Could increase corporate income tax, which he also proposed. That would bring in another 1.75b. Sounds like millionaires got off easy.
I know what he said and what he's planning.
Doesn't change the fact that so far the tax on the rich has had a minimal impact on the city's budget, contrary to what the OC suggested.