Current Events > Mansion Tax, Chicago Primary :(

(+) Yeah! (+)

https://gamefaqs.gamespot.com/a/forum/b/b9173658.jpg

I want it to pass. I feel as though my city is filled with dummies who cannot be bothered to vote in a primary.

20% turn out and your vote may have made a difference.

"We need more money for the homeless and migrant crises!"

"Alright, then we need to raise taxes!"

"Oh, no, we don't want to actually pay for it."

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/

@streamofthesky

It looks like??? where are you getting this? It is a 3 tier graduation

It lowers the rate on the first million as compared to the current tax. The next tier iirc is 500K with a significant increase on that amount. The third tier is 2 mill and above.

Most homeowners get a reduction. The building I rent in is under a million being 100 years old but even though some of the new buildings on my block will be above the buyer of the condo is going to be taxed on the price of his condo which is less than a mill.