Summary
A new city tax on residents' net unearned income — investment and passive income not already taxed by other city income taxes — is being proposed. Residents with investment income should pay attention as this moves through Council.
At a glance
- Total mentions
- 3
- Last 30 days
- 3
Discussed at 2 meetings in the last 60 days; most recently Nov 2, 2026.
Impact analysis
Would create a new tax on residents' unearned income; revenue amount not yet specified.
The city general fund, if enacted, through new revenue.
City residents with investment or passive income would face a new tax liability.
Mentions & discussions (3)
City Council — November 2, 2026
Council advertised a new 2% tax on unearned income — dividends, rent, royalties, property-sale gains and trust distributions — that it estimates would bring in about $51 million a year to help balance the budget. It's just a public notice now; the actual ordinance vote comes later.
Standing Committees — November 2, 2026
A new city tax on residents' net unearned income — investment and passive income not already taxed by other city income taxes — is being proposed. Residents with investment income should pay attention as this moves through Council.
City Council — October 27, 2026
Councilwoman Warwick introduced an ordinance to tax residents' passive income not already taxed by the city, pitched by supporters as a way to fund housing and violence-prevention programs. One resident opposed it, arguing it would drive wealthy taxpayers out of the city.
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