Cue exodus from Illinois in 3, 2, 1...
Isn’t it amazing how so many highly-paid financial “geniuses” can be so friggin’ stupid?
And when all those people move away there are more houses available to buy. By law of supply and demand the cost of those ‘extra’ houses will go down. Thus the value at which all houses are taxed at this (initial, I’m sure) 1% tax will go down. Thus the state’s tax revenues will go down. So of course the politician’s solution will be to raise the Percentage. And the cycle repeats and spirals out of control. Welcome to Venezuela/East St. Louis.
The exodus of makers from IL has been going on for some time. But this would turn the torrent into a flood.