Bring Chicago Home, a proposal that advocates for the homeless hope to see as a referendum on the ballot in Chicago, would more than triple the transfer tax on buyers paying $1 million or more for a residential or commercial property. The transfer tax, 0.775% of the purchase price, translates to $7,500 per million dollars. Bring Chicago Home would raise the transfer tax to 2.65%, or $26,500, with the entire $19,000 difference going to the fight against homelessness.
In the game Monopoly, there is a Community Chest card that requires the holder to pay a tax for not having a job. This is what is needed.
Fed up neighbor
4 years ago
The death spiral of Chicago and Illinois
IllinoisLandOfTheDumb
4 years ago
Yep, take from the makers and give to the takers.
nixit
4 years ago
Wait, shouldn’t only the amount above $1 million dollars be subject to the increased tax rate? Otherwise, someone who bought their home for $999,999 would pay $19,000 less in taxes.
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.
In the game Monopoly, there is a Community Chest card that requires the holder to pay a tax for not having a job. This is what is needed.
The death spiral of Chicago and Illinois
Yep, take from the makers and give to the takers.
Wait, shouldn’t only the amount above $1 million dollars be subject to the increased tax rate? Otherwise, someone who bought their home for $999,999 would pay $19,000 less in taxes.
Heck, why not 50%? 75%? 100%?