Posted on 03/07/2024 3:16:45 PM PST by E. Pluribus Unum
A subcommittee on the Chicago City Council is thinking of new streams of revenue to fund the city as Chicago grapples with a large debt.
City Alderman William Hall, chairman of the subcommittee, was keen on the idea of implementing a city income tax for salaries over $100,000 earned in Chicago.
“Billionaires and millionaires are not even paying taxes. … It makes no sense that a mother who’s making $45,000 to $50,000 a year working two jobs, robbing Peter to pay Paul, hoping that an iPad would keep her kids occupied, is paying more taxes than, you know, Ken Griffin and company,” Hall said. Ken Griffin was previously Illinois’s richest man before he moved himself and his company, Citadel, to Florida.
Hall did not directly confirm or deny if his tax would include all salaries above $100,000, simply saying he prefers a “fair tax rate.” He also suggested a tax on stock holdings and personal liquid assets of wealthy residents which he says passes “wealth into trust funds.”
Hall threw out some other suggestions for increasing the city’s pocketbook, too.
“Trust fund babies … get away with not paying their fair share, but using services to increase their lifestyle — that’s not fair,” Hall said. “We need tax parity, tax equity.”
Hall suggested rethinking vacant retail space as advertising space. He said his approach would not be “cheesy” but asked why New York City can be “making millions of dollars in digital marketing in Times Square.”
“We’re not going to put a big old advertisement board on the Sears Tower. … We’re not going to take away from the integrity of some of the greatest architectural designs in the world. But what we can do is be innovative,” Hall said.
(Excerpt) Read more at washingtonexaminer.com ...
The lack of money is not the problem here....
That’s Chicongo for you.
It’s the leadership that’s the problem.
Communism 101: "What's yours is mine and what's mine is mine."
Taxing rich ALWAYS works!(//S)
They are desperate for money. NYC already has a city income tax for anybody working there. But if they try instituting a wealth tax watch how fast people move elsewhere.
There’s no wealthier clan of trust fund free riders than Illinois’ very own Governor Prtizker and family….surely they can dig deeper and help Chicongo find some loose change in their sofa cushions.
I’m sure that will fix Chiraq.
5.56mm
The City of St. Louis had a 1% income tax when I worked there thirty years ago. I am so glad I left.
Yeah that’ll work. /sarc
Anyone who makes $100k or more
Yes, drive more working people out of the city. That will work!
Ken Griffin made a wise move.
And tax the rich is so innovative.
Blacks in positions of power simply lack the mental capacity to lead. They immediately steal from the treasury, pay off their boys, and then blame Whitey when things don't go their way.
No wonder why the suburbs were created. No one wants to live under the consequences of failed black politicians.
$100,000 a year does not make one rich.
Plank #2 of the Communist Manifesto: A heavy progressive or graduated income tax.
Yeah, a wealth tax has always worked so well.
Notice that very few representatives will consider a way to spend LESS money. Instead they look to see where they can take more money from the people.
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