Not just a ‘mansion tax’: This plan would triple transfer taxes on commercial building sales, too – Crain’s*

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.
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Doug
4 years ago

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.

ToughLove
4 years ago

Heck, why not 50%? 75%? 100%?

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