It shouldn’t have taken a PhD in economics to notice this – Wirepoints Quickpoint
May 17, 2024
57 Comments
What a representation of Chicago’s plight.
-- Connecting the dots between our economy, government and business --
The Bring Chicago Home proposal would more than triple the buyer’s property transfer tax, generating an estimated $163 million in funding for programs that combat homelessness, according to the campaign’s website. Home sellers would continue to pay a transfer tax of $3,000. The proposal is sponsored by nine Chicago aldermen.
SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER
FOLLOW US
WIREPOINTS ORIGINAL STORIES
Twelve Illinois Congressmen vote against bill to give federal custody to non-citizen defendants charged or convicted with assaulting cops – Wirepoints Quickpoint
May 17, 2024
10 Comments
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Chicago Teachers Union Plays Hooky – Wirepoints in the Wall Street Journal*
May 17, 2024
4 Comments
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Gov. Pritzker is using the threat of budget cuts to get more tax hikes passed – Wirepoints joins Tom Miller of WJPF Carbondale
May 17, 2024
10 Comments
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
Public education staffing has ballooned over the years…yet kids still can’t read – Wirepoints on with Jeff Daly of WZUS Decatur Radio
May 17, 2024
No Comments
Ted joined Jeff Daly to discuss how politicians can never spend enough on education despite there being no accountability for that spending, the growth of education staffing across Illinois, Mayor Brandon Johnson’s $1 billion demand for Chicago schools, why Gov. Pritzker is providing $830 million in taxpayer subsidies to struggling EV carmaker Rivian, and more.
*Definition of a mansion: a home in Chicago.
How many homeless owned homes but were forced out when they couldn’t pay taxes? Cap property taxes at some number and then force government to live within the budget. Yeah right…
The only answer is taxes, no matter what the question or situation, just tax, tax, tax, and then tax some more.
$1 million is just the starting point. When the tax doesn’t bring in enough money, and the number of homeless continues to increase, watch it drop to $750k, then $500k. The goal of the socialists is to destroy the city you knew, and rule over what’s left. They don’t care if Chicago becomes a wasteland as long as they keep their money and power. And remember, Stalin came after Lenin. Chicago can and will get way more oppressive and violent. Get out while you can! Go where you’re wanted. Move to a state that will welcome you, where you can… Read more »
For once, I’d like to see a new tax that only impacts thing going-forward. In this case, the only people subject to this tax should be sellers that bought Chicago real estate AFTER the law was enacted. That way they knew what they were getting into.
It’s a dumb rule for a number of reasons, most notably that if your home sells for $1 million, that entire amount is subject to this new tax, but if it sells for $999,999, you don’t pay one dime of this new tax.
On top of that, the final sales price will reflect this tax, meaning while the buyer technically pays the tax, the seller bears the cost via a lower sales price.
Here’s how it should be done to avoid the tax.
1st. Rip out the toilets so that should make the property worthless.
2nd. Sell the toilets for the asking price of the home. There is no personal property tax in Illinois so the toilets are just items in the house like a wine collection so it should save you lots of taxes.
3rd. Get a large trench coat and hang the toilets in the coat and say Psst! Wanna buy a toilet for 500K. I have 6.
This would give another meaning for LoopHole.
Touche’
Once the millionaires leave, preceded by the working class and middle class, Chicago will be one big Cabrini Green crater
The problem I have is with the understanding of homelessness. Yes, there is likely a shortage of affordable housing stock, but the real problem with homelessness lies with mental illness and drug addiction. These are not easy issues to solve, and money spent has to be infused with extreme accountability.