LogFAQs > #979461167

Looks like a poorly thought out ballot measure.
Why isn't it a graduated tax, like federal income tax?
Like... the first million is at the base rate, then the next $500K is at the elevated rate, and anything above that is at the highest rate?
Looks like it's just straight up, "you pay the rate on the full amount for whatever bracket you fall in"

With the insane surge in housing prices and the lack of wording for automatic indexing to inflation for the brackets, that's not even wealthy people in a city like Chicago, it could easily hit the middle class. If not now, then within a few years.

I don't know, maybe this explanation of the measure is incomplete, but that was my take-away from it.

https://www.cbsnews.com/chicago/news/bring-chicago-home-referendum-real-estate-transfer-tax-vote-results/