Posted on 04/07/2023 12:47:00 PM PDT by Libloather
Chicago's incoming liberal mayor has raised eyebrows by blaming the city's poverty problems and surging crime rates on businesses that don't pay tax.
Brandon Johnson, a former union organizer who was elected on Tuesday, said Chicago doesn't have money to solve its problem because '70 percent of large corporations in the state of Illinois don't pay a corporate tax'.
'It's that type of restraint on our budget that has caused the type if disinvestment that has led to poverty, of course that has led to violence,' said Johnson, who didn't give the source for his claim.
The 47-year-old Cook County commissioner beat candidate Paul Vallas, 69, who had the backing of Chicago's police union, by around 13,000 votes. Johnson will replace outgoing mayor Lori Lightfoot, who fell out of favor after crime surged under her watch.
Top of Johnson's agenda will be reversing the city's spiraling crime rate and dealing with out-of-control homelessness that's transformed part of O'Hare International Airport into a grubby makeshift shelter.
During the campaign, Johnson called for $80 million to be raised by taxing the wealthy. He has also called for a freeze in property taxes.
Speaking on Thursday, he told CBS: 'I'm not going to raise property taxes, that's been the lazy form of governance for a long time in the city of Chicago and quite frankly around the country.'
Following his election, Johnson recalled growing up in a poor family, teaching at a school in Cabrini Green, a notorious former public housing complex, and shielding his kids from gunfire in their west side neighborhood.
(Excerpt) Read more at dailymail.co.uk ...
Ya know, this is why I have no sympathy for the Democrats who keep voting in these losers. Lori Lightfoot was a bad, incompetent mayor. So, what do they do? They kick her out and put someone worse than her in the office. Hey, you guys deserve what you get.
I believe the number was $800 million...but given he’s a Democrat, it might as well be $8 billion or $8 trillion, who’s counting?
Can’t wait for the next Chicago Weekend Shooting thread.
The thing is, the more they chase taxpaying, law-abiding businesses and citizens out of the city, the more those who remain will vote in clowns like this. It’s a vicious circle.
One particularly troubling tactic pursued by community groups from Chicago has been to agitate for abandoning the most basic of taxpayer confidentiality rights in favor of a “transparency” requirement that corporate tax returns become public records available on the Internet. Legislation to mandate such disclosure has been filed in the Statehouse and in the Chicago city council. Clearly the objective of such messaging is to cement a false impression in the minds of the public that corporate taxpayers are villains who defraud and cheat the system in hopes that politicians will have little reservation about imposing a higher tax burden on faceless and non-voting corporations.
Excellent.
Drive all businesses out of Chicago.
Brilliant!!
The trend at both the national and state level is for business entities to be structured as “s” corps, partnerships or some form of limited liability company, rather than filing and paying taxes as a corporation. We have fewer corporate taxpayers every year – in the last 10 years there have been 8 percent fewer corporate tax filers.
but that doesn’t fit the agenda.
Yeah. Corporate taxes cause “teens” to go wilin’
I have been to EXTREMELY poor third world places. There was no violence. There is a very specific demographic that LOVES violence. But that shall never be spoken of by our overlords.
our study looks at the roughly two-thirds of Illinois corporate income tax filers that show no tax liability. The study covers tax years 2007 through 2011.
What we found
Federal taxable income (FTI), which is the starting point for computing Illinois tax liability is by far the primary factor in determining whether an Illinois filer will have an Illinois corporate income tax liability – not Illinois deductions or credits. On average, of the 66.9 percent of corporate tax filers with no Illinois corporate tax liability, the most significant factor in determining whether a corporation would have an Illinois tax liability was whether or not a corporation showed federal taxable income (FTI) on line 1 of their Illinois return.
In addition, Illinois corporate tax deductions play a very minor role in reducing a corporation’s tax liability to zero even if the corporation does have a positive FTI. The average number of returns filed showing no Illinois corporate income tax (Illinois CIT) liability over the five-year period was 75,517 (out of a total of 112,919 CIT returns filed). Of those 75,517 filers, on average only 4,049 corporations had a positive FTI on line 1 of their Illinois return but no CIT liability, but only 721 or 17.8 percent of the returns initially showing FTI wound up with no tax liability after applying Illinois deductions.
More specifically, the 2011 suspension of the Net Operating Loss Deduction (NOLD) did not have a significant impact in moving corporations from a non-taxpaying status to a taxpaying status. Revenues generated by the suspension of the NOLD came primarily from taxpayers that were already paying corporate income tax.
Illinois tax credits have almost no impact in explaining why businesses have no corporate income tax liability. Of the total 75,517 returns filed with no CIT liability, only 132 (0.2 percent) fall into the no liability category through the use of tax credits.
So Chiraq blames crime on those who succeed and not on those who decide to simply flail.
It totally blows my mind that they elected him. Just amazing.
This guy is going to make Beetlejuice look like a great mayor.
NYC did it, so why not Chi-Congo?
More like 2.5, because by initial reports, he’s worse.
She should hang out with another loser that cares like Lez Cheney
Just to nitpick, S-Corps are actual corporations with Articles of Incorporation, By-laws, a Board of Directors, and similar yearly requirements as C corps such as annual BOD meeting and minutes. They apply for S status from the IRS. If approved, corporate taxation goes away and the profits are distributed directly to the 100 or less shareholders as directed by the Board. I turned a C corp into a S-corp when I inherited a small shipping company.
However, your point is taken with many small companies now opting for LLC. - so less C-corps.
I am rigbt on the edge of the great red/blue divide in a purple state and even I am looking to move to Tennessee or Florida. I have no idea why any business owner stays in chicago.
Chicagoans had to choose between a steak and a crap sandwich, and they chose the crap sandwich. Bon appétit!
“I have been to EXTREMELY poor third world places. There was no violence. There is a very specific demographic that LOVES violence. But that shall never be spoken of by our overlords.”
I know people that travel all over the world including 3rd world countries and I get somewhat educated through them. A rough part of the world is Africa. You don’t want to get caught up in African gang violence.
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