Years, weve seen in economic mobility for 90 of the American People. We have the greatest income inequality we have had since 1928. 160 families that are the top. 1 in america control as much wealth as the bottom 90 , which is 200 million 290 million americans. Thats why the budget you put out today is so important. Let me tell you something, youre hitting the target right where it needs to be hit. Because its 2001 in washington, we have spent 5 trillion on tax cuts, almost all of which have gone to the wealthiest people in america. We spent 5. 6 trillion on wars in the middle east. Thats almost 11 trillion or 12 trillion. Did i say spend it . I meant borrowed it from the American People and our children. Tax cuts for rich people and for the middle east. If we had spent money differently, the way you think about spending that money, we could have put people to work fixing every road and bridge in america that needs to be fixed. We could have fixed every Water Treatment facility, not ju
Were about to begin now. I want to thank all you for being here, i want to thank the Poor Peoples Campaign for moving the schedule because my airplane was delayed by 2 1 2 hours. And i want to thank all of you for fighting for what youre fighting for. In this country over the last 40 years, weve seen in economic mobility for 90 of the American People. We have the greatest income inequality we have had since 1928. 160 families that are the top. 1 in america control as much wealth as the bottom 90 , which is 200 million 290 million americans. Thats why the budget you put out today is so important. Let me tell you something, youre hitting the target right where it needs to be hit. Because its 2001 in washington, we have spent 5 trillion on tax cuts, almost all of which have gone to the wealthiest people in america. We spent 5. 6 trillion on wars in the middle east. Thats almost 11 trillion or 12 trillion. Did i say spend it . I meant borrowed it from the American People and our children.
Representative eric swal well. Were about to begin now. I want to thank all you for being here, i want to thank the Poor Peoples Campaign for moving the schedule because my airplane was delayed by 2 1 2 hours. And i want to thank all of you for fighting for what youre fighting for. In this country over the last 40 years, weve seen in economic mobility for 90 of the American People. We have the greatest income inequality we have had since 1928. 160 families that are the top. 1 in america control as much wealth as the bottom 90 , which is 200 million 290 million americans. Thats why the budget you put out today is so important. Let me tell you something, youre hitting the target right where it needs to be hit. Because its 2001 in washington, we have spent 5 trillion on tax cuts, almost all of which have gone to the wealthiest people in america. We spent 5. 6 trillion on wars in the middle east. Thats almost 11 trillion or 12 trillion. Did i say spend it . I meant borrowed it from the Ame
Deduction to San Francisco filers so we think that its about 2. 1 billion for the state and local tax dedukd deduction a lot smaller, i dont know, 100 million or so in the property tax deduction. Supervisor cohen so overall theres less revenue going into the state budget and the local San Francisco budget for us to then reallocate during the budget process . I dont think that its a direct affect and if you take 2 2. 1 billion out of the local economy, you have to expect that it will affect the local business ability to invest or to expand supervisor cohen to hire. You have to expect that Discretionary Spending would decrease because the cost of necessities is going up and it would certainly affect your sales tax. The effect on the Housing Market and our transfer tax and the property tax as a result seems like it would if anything it would have to possibly drive down prices and just reflecting the fact that most buyers are going to have higher costs to finance and then pay taxes on thes
Hitting the people that we actually wanted in San Francisco versus the corporations that buy up a lot of real estate here that are going to get a huge break with this tax deduction. Lets just hope that people have a moral conscience and thats farfetched, i know, and well pushback on this but i think that we are i mean, its hard to see what the changes might be because everything is in flux but just looking at this i think that it could really hit a lot of San Francisco, but what were trying to do to get people middleclass folks in sa San Francisco to invest in a small piece of real estate here, its going to be detrimental to that effort. Supervisor cohen definitely. Any other tax wisdom that you want to share with us . Not at this moment. Ill turn it over to cindy comerford from the department of Public Health with an update on affordable care. Supervisor cohen okay. Okay, good afternoon supervisors, my name is cindy comerford and i manage the policy and planning at the department of P