Another Bad Budget Idea
Among the many ways Conehead is trying to raise revenue is by taxing things that previously hadn't been taxed....or previously hadn't existed to be taxed. This might backfire:
Chicago’s bid to become the Silicon Valley of the Midwest has registered some major wins in recent years: Google bought a huge downtown building, PsiQuantum Corp. announced a $1 billion investment in the city, and local startups raised a record $19 billion in 2022.
Now a move to increase an unusual tax on cloud computing risks adding to a broader technology industry downturn to derail progress in the third-largest U.S. city.
The trouble with excessively taxing this type of company is that it has almost no physical structure. You push a few buttons and ::poof:: it's somewhere else with a lower tax rate. This was proven a few years ago when (we think) the Mercantile Exchange ran a weekend test with a "shadow trading floor" somewhere else (Texas maybe?) and it worked. One of the single biggest money generating enterprises temporarily disappeared from Chicago over a weekend while the City Council debated instituting a tax on every individual trade made on the "floor."
Needless to say, that idea disappeared instantly when the Council realized the "floor" was nothing but a collection of electrons that could be re-constituted anywhere else....except Chicago. The only limit to any of this was (A) electrical power and (B) imagination. Power is fungible, crosses state lines and Illinois is rapidly running out of electricity for things here even without adding in data centers and such.
Overreach by Conehead could be disastrous to what remains of the corporate tax base.
Labels: dumb ideas, money questions
posted by SCC at 12:03 AM
17 Comments:
Chicago politicians need to learn how to lead within their means. No free stuff that costs taxpayers money.
Just raise taxes and fee's....what are they going to do ? ...Complain ?
...add a fine for late payment too !
Vote Democrat....cause your told to.
The nimby crowd ran off chip making. Now seed money is being thrown around to attract them back. Fuckking morons.
I have been shopping in the burbs since the Daley water tax. I guess I should move now
With the merc it's worse. Every single entity that trades HFT needs close proximity to the platform. They'd lose 100+ other businesses overnight. And those traders pay a lot of income tax....
He is simply contributing to the death spiral.
So I’ve been renting a mailbox at a chain shipping office in the burbs. This gives me a physical address to change all my accounts to, banking, credit cards, cell service, streaming etc. I get all my bills, statements, invoices electronically anyway. Sure it cost for the mailbox, but BJ and the others before him aren’t getting my services taxes.
Why is it that every fucking thing those people are in charge of just sucks and is FUBAR in no time.
Don't worry, the morons who think up these stupid ideas can always come up with new, and even more stupid, ideas to get their hands on your money.
The tax that the liberals are drooling over and would really hurt the average person is a tax on services. Imagine everytime you saw your doctor or got a haircut, or saw dentist or took your pet to the vet you would be taxed. it would be painful for the working person. The teachers union is pushing this hard
The billion dollar CPS mess and the CEO vs CTU battle is creating much anxiety and frustration for the conehead.
Misinformation media reports on chicago budget highlighting ONLY the property tax issue asking for only $68 billion is a small part of the story. The actual conehead budget is calling for $247 million in new taxes fines and fees all.in.
$11 million more for speed trap cameras while reducing speed limits citywide t 25 mph from 30 mph is just one example. The road rage and traffic congestion should be an awesome site to behold. Bag taxes, bottle water taxes, rideshare taxes, streaming services taxes all increase as Chicago already has the highest sales tax in the nation.
It has become more profitable to drive outside Chicago, outside cook county, outside Illinois to make major purchases. Gasoline in Wisconsin is almost one dollar cheaper per gallon and that in itself makes the trip worth while for many.
Paying for a VPN to run on line streaming services over is said to be a get around to the tax on streaming services I am told. Not sure of the legal consequences of that tho however....
Racine Wisc. has one of the lowest sales tax rates in the area 5%. Great place to shop for expensive chirstmas gifts while topping off you gas tank at $2.33/gal in Kenosha
A new iPhone 16 max 256 gb sells for $1,200 at Best Buy do the math on chicago sales taxes of 10.25% vs Racine wis rate of 5%
Pleasant Prairie Premium Outlet mall just across the border in Wisc has most popular designer names and the sales taxes are less so it's a double bonus
But they are just tiny little tax increases besides conehead says they are necessary so it's all good./sarc
$128.1 mil person property lease tax including a tax on cloud computing. Rate going from 9% to 11%
A tiny 22% increase. Lol
$12.9 mil. Amusement and streaming tax. Rate going from 9% to 10.25%
A miniscule 11.25% increase roflmao
$5.1 mil bag tax. Rate changes from 7 cents to 10 cents a bag
A rate change up by 42% increase!!!
$11.4 mil for more racists speed trap cams that will be mostly installed in the poverty stricken hood neighborhoods and $7,9 mil for other taxes on things like parking and rideshare
So STFU and just pay it it's necessary.
Wait until the CTU CPS tax increases are announced "for the children:
Hahahaha place is a joke
Going the other way Michigan has about 10 grass dispensers just across the state line and there prices are way lower and the taxes way lower. Then coming back IN taxes on gas liquor cigs and 0 on food makes it worth it
For real The Ohio Players - Fire??
I would of went with The Roof Is On Fire by Bloodhound Gang
Chicago City Hall and the County Building were evacuated Wednesday after a fire broke out in the records storage area.
The contents of the fire were quickly extinguished and smoke conditions are being treated with fans and window ventilation, officials said.
Paramedics were on site at 118 N. Clark St. to evaluate a few people, officials said.
The chambers of Chicago City Council were evacuated around 11:30, mid-meeting, and staff from City Hall spilled out into the chilly winds of LaSalle Street. Others from the county side of the building made their way to Christkindlmarket, past several fire trucks and ambulances.
Some aldermen took refuge at the bar City Social across the street, and many didn’t have time to grab their coats.
The fire started on the third floor of the county side of the building, which is under renovation, officials at the scene said. The smell of smoke lingered well past noon.
After City Council staff were let back in the building, they were briefly greeted by the tune of “Fire” by Ohio Players on the P.A. system.
Oh, the elected morons who can't learn from their mistakes will do this. Then the golden goose will pull a Ken Griffey and take their taxes and philanthropy elsewhere. Rinse, was, repeat, Detroit
Wasn't that Pricktickle?
Conehead is considering a city income tax. Think about it, that tax would,nt bother or be paid by the great majority of his Din do nuffin supporters. Because, let's face it they don't do Nuffin.
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