Posted on 09/12/2023 3:55:25 PM PDT by Libloather
Chicago's mayor Brandon Johnson is pushing a 'mansion tax' on sales of homes of more than $1 million, as his administration continues to push higher tax on households earning over $100,000.
The newly elected mayor, who took over from his disastrous predecessor Lori Lightfoot in May of this year, wants to push a hike in taxes in order to fight homelessness in the city.
Allies of Mayor Johnson, 47, have also announced plans to push a $12-billion plan for the city titled 'First We Get the Money'.
The plan, seemingly named after a quote from the 1983 film Scarface, aims to build a 'more just' Chicago by slashing funding for the police and implementing new taxes in the city.
Johnson believes people that own properties worth $1 million in the third-largest city in the U.S. are 'rich, and should pay if they sell those homes'.
The plan, named 'Bring Chicago Home' is a compromise from his previous plan that would have seen the transfer-tax rate triple from 0.75 percent to 2.65 percent.
According to the National Review, Johnson is now proposing a three-tier progressive-transfer rate.
This means that sales below $1 million would see the tax cut from 0.75 percent to 06. percent, while property owners who sell their homes for between $1 million and $1.5 million would see tax rates rise from 0.75 percent to 2 percent.
Property sales of $1.5 million and above would see their tax rate quadrupled to three percent of the transfer amount.
A search of real estate sites by DailyMail.com showed that it was difficult to find substantial sized properties for over a million dollars, with the majority being condos or small townhouses.
According to Midwest Real Estate Data seen by Chicago Business, there were 2,391 homes sold for $1 million or more...
(Excerpt) Read more at dailymail.co.uk ...
mansion for a mil? seriously?
$100,000 income is what “rich” people earn?
the median home price in the City of Boulder is 1 mil, and the medium home price in the Country of Boulder is 3/4 of a mil.
the median income in the city of Boulder is $75,000 ...
johnson is a moron ... but then again, we all knew that already anyway ...
Off the top of my head, I can only come up with one reason to not tax them more. That’s so they stay up in Chicago and don’t move to somewhere red.
It’s real, and it’s spectacular.
His house is not in Chicago so that’s good. But it’s in middle of nowhere so the only thing that’s worth something is the land. But it’s in the wrong location so that’s why no one wants to buy it.
This is what a collapsing society looks like. The refugees from these blue zones will go to red zones, where they will vote for more thieves and turn red areas into zombie/Mad Max blue zones like they fled from.
Mayor should start with da bears players, then da bulls, then da cubs, then da sox & see how that goes
Since about 1890 the rich have generally shunned building expensive homes in Chicago.
There’s Oak Park and River Forest to the west.
To the north there’s Evanston to Lake Forest.
“There are several blah looking homes in California right now, selling for well over $1 Million.”
“several”?
You’re just a few hundred thousand houses short.
It’s in Highland Park. The exterior is blah, but the interior has some OK spaces:
With inflation raging now for years, here in Bend Oregon middle class families now earn over $100,000 incomes and live in $1,000,000 homes as the dollar turns into play money.
I saw a map some time ago — there’s not much middle class in Chicago. Most neighborhoods are either very poor or very rich.
“With inflation raging now for years, here in Bend Oregon middle class families now earn over $100,000 incomes and live in $1,000,000 homes as the dollar turns into play money.”
25 years ago, my wife and I were interested in relocating to Bend/ Mt. Bachelor Ski Resort. She didn’t ski but art was a hobby, and she had been a docent at some big places. So she could fit in at most galleries.
I fly fished, hunted and skied. So we really looked at that area. My new part time gig was running focus groups and the Medford airport would get me to the sites.
We had one son living in Mt. Bachelor (company paid), and a son in Portland wanting to leave Portland and stay in Oregon.
Fortunately, our son living at Mt. Bachelor warned us about the liberals taking over that area. That was confirmed by an old time liberal friend whose very liberal daughter moved to Bend.
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