Trick or treat, Chicago residents. Joke’s on you. That Alderwoman’s shirt says it all… “Democratic Socialists” are really communists. Just with a kinder, gentler name. As if Chicago isn’t bad enough of late with high crime, higher taxes and corrupt politicians who live, work and play behind armed bodyguards. Nope, the hard left communists running Chicago won’t be happy until everyone among the “little people” is cold, hungry, defenseless and sober while living in poverty.
With that in mind Chicago’s full City Council will likely approve a measure to put an “Exit Tax” ballot measure in front of voters next year. To sell your property, you must pay another new tax, and it’ll be structured to pinch those who don’t live in hovels the most. And frankly, what’s an average working-class home downstate sells for close to seven-figures in Chicago.
Oh, they don’t call it an “Exit Tax.” Instead, they call it a “tiered real estate transfer tax” that is supposed to bring in more money for homeless programs. Of course, they don’t mention that the more money your city spends on “homeless” services, the more homeless you have. Build it and they will come.
Aldermen support March referendum on real estate transfer tax, sending ordinance to full City Council
A Chicago City Council committee advanced an ordinance Tuesday that would ask voters about raising the real estate transfer tax to combat homelessness, bringing a key plank of Mayor Brandon Johnson’s progressive agenda just one step from facing a citywide referendum vote next March.
In a 32-16 vote, the rules committee approved the revamped “Bring Chicago Home” measure, which offers a tiered tax rate on all property sales. Advocates say it would generate much-needed revenue for the city’s homeless population, but opponents in the real estate industry have warned that it would put a further damper on an already-fragile market for offices, retail and apartment buildings and drive up costs for tenants.
What will this tax do? Further depress property market values.
In a state that already has about the third lowest rate of property value appreciation in the nation.