"This is MAGA country!"
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Chicago's Mayor Brandon Johnson tried to push through a referendum on taxes, whereby certain properties (>$1M) would be taxed at a higher rate.
The measure, connected to real estate transfer taxes in the city, has also been referred to as a so-called "mansion tax."
Rather than taxing property specifically, transfer taxes only apply when a property is sold, whether that be a residential or a commercial property.
As things stand, all real estate transfers in the city are taxed at a rate of $3.75 per $500 of assessed value.
Under the proposed referendum, that tax would have been changed to a graduated rate. For property values under $1 million, the tax rate would be $3 for every $500, a reduction of 20%.
For property values over $1 million and under $1.5 million, the tax rate would increase to $10 per $500 in value, an increase of 166.67%. Finally, any value over $1.5 million would be taxed at a rate of $15 for every $500 in value, an increase of 300%.
Under the terms of the proposed law, money would be used exclusively toward “any support provided by the city or a delegate agency selected by the city to people experiencing or at risk of homelessness, including providing permanent affordable housing and the services necessary to obtain and maintain permanent housing.”
The goal, of course, was to help the
Chicago Teaachers' Unionhomeless.It failed by a margin of 54% to 46%.
So, why did it fail?
Because of all the Trump voters in Chicago:
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Chicago had a shockingly low turnout in the election last week. It’s just possible that the 58 MAGA voters in the district made the difference.
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We have that ‘mansion tax’ in NY for houses over $1MM
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I hope they’re exempt. Time share owners get screwed enough as it is.