Later this year, San Francisco Supervisors will consider an ambitious plan to make reparations to black residents to compensate them for the lingering effects of slavery and more recent discriminatory public policies. While other Cato scholars have commented more generally on reparations at the…
Hoover institution analysis
Much of San Francisco’s general fund revenue comes from non‐tax revenues, principally state and federal aid. Tax revenues account for only $4.4 billion of general fund revenue. So, funding a $200 billion reparations program in one year would involve a more than forty‐fold tax increase. If reparations proponents could overcome these hurdles. San Francisco’s government could then fund the program, paying debt service by levying an additional property tax on thein San Francisco. Assuming the bonds mature over 30 years and carry a 4% interest rate, and assuming that assessed values increase 4% annually, the additional tax levy would have to be about 2.4% of assessed valuation.
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