Chicago’s real estate industry is preparing for a fight over a proposal to more than triple the transfer tax on any property sold for more than $1 million. The proposal — called Bring Chicago Home — would create a non-binding referendum that would ask the Chicago City Council to increase real estate transfer taxes to 2.65 percent from 0.75 percent, according to Crain’s. The extra income would go toward helping the homeless.
The goal isn’t higher real estate values for Chicago. The goal is confiscate and redistribute as desired.
state_pension_millionaires
3 years ago
Better yet, why not legally, embedded in the Ill constitution, make it illegal to move out of the state?….or if that will not work, impose like a 90% sales transaction tax if someone wants to move out of Illinois?
That way, we could increase the pensions and medical benefits and salaries for all Illinois/Chicago public employees including the aggrieved Illinois teacher’s union.
nixit
3 years ago
“Anyone purchasing a million-dollar property can afford to pay a little bit extra in order to make sure others have a place to live,” Mike Eldridge, a member of the Jewish Council on Urban Affairs, which supports the tax hike, told Crain’s in April.
Same group that backed the Fair Tax. In fact, if you drew a Venn diagram of the supporters for both this real estate tax and the fair tax, it would be one giant circle. These groups aren’t interested in fairness, they’re interested in more.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The goal isn’t higher real estate values for Chicago. The goal is confiscate and redistribute as desired.
Better yet, why not legally, embedded in the Ill constitution, make it illegal to move out of the state?….or if that will not work, impose like a 90% sales transaction tax if someone wants to move out of Illinois?
That way, we could increase the pensions and medical benefits and salaries for all Illinois/Chicago public employees including the aggrieved Illinois teacher’s union.
Same group that backed the Fair Tax. In fact, if you drew a Venn diagram of the supporters for both this real estate tax and the fair tax, it would be one giant circle. These groups aren’t interested in fairness, they’re interested in more.
https://www.bringchicagohome.org/supporters/