Dumb Idea Inbound
This is going to trigger yet another business exodus:
[Mayor] Johnson is in a bind of sorts. His 2023 campaign promise never to raise property taxes or fire city workers looks pretty stupid right now. Johnson still says he won't raise property taxes, but his own comptroller told the media that property taxes are "likely" going up.
The mayor is falling back on an old idea that was discarded more than a decade ago by former Mayor Rahm Emanuel: a "head tax" on corporations, charging companies $8 per employee.
"Last year major corporations such as Caterpillar, Citadel, Boeing and Tyson Foods announced relocations out of the Chicago area. Guggenheim Partners more quietly made moves to leave the city and join fellow investment firm Citadel in Miami," reports Hot Air's Beege Welborn.
Expect the exodus of major corporations to pick up if the "head tax" is passed.
A company could (and has) left a dozen employees in a downtown office for a "boutique address" while centering operations with hundreds of employees outside of city limits, defeating the minimum head count that triggers the tax.
Alternatively, it costs very little to "relocate" a company by simply re-routing IP addresses, redirecting telephone switchboards, and incorporating in a different state.
This is why downtown is deserted during the day, a virtual ghost town overnight and sporting a vacancy rate higher than it's been in years. And it's indicative of the doom spiral accelerating - higher taxes on a diminishing number of companies.
Labels: money questions
posted by SCC at 12:03 AM
47 Comments:
I lived downtown for 20 years.
Never go down now.
All meetings are on zoom.
Screw the city.
Lies, some companies move out, some move in. Always doom and gloom but in reality, city is attracting people with $$. Try to buy a house on the north side for less than $600k in livable condition
Last time the "Head Tax" was around, the minimum was 50 employees. Guy I know who owned a company with 60 people fired 11 of them. Volia! No bullshit tax to pay, file paperwork on, etc...
Leased a water filter for a water fountain, as well as the fountain. City taxed items that were leased. Ripped it out. Bought a plain one at a refurb place outside the City and hooked that up...
How about the City charging businesses for DRIVEWAYS? Every driveway is an annual fee because those conniving fucks can't charge for parking...
Don't you worry about this! All the fruit-picking and hotel room-cleaning (illegal) immigrants are going to offset those financial losses.
“You can tax the rich to pay for current spending. You can even tax them very heavily. But when the rich look forward for decades and see nothing but increasing taxes, debts, and government control of their businesses and assets – they will leave.”
– Porter Stansberry
The Democrat politicians won’t be happy until they destroy the city of Chicago.
Better idea would be to have speed cameras and red light cameras on every other block in all neighborhoods. It would accomplish two things 1) generate revenue and 2) cut down on all the reckless drivers.
No warning signs, just issue tickets without any human interaction and after 5 unpaid tickets car gets impounded. Also, none of this shit about the poor, driving and having a car is not a right it's a privilege.
I can’t think of a well run, heathy, and prosperous major city run by demoRats. By the time of the one hundredth anniversary of Chicago being run by demoRats it will have a gutted downtown and dying neighborhoods. City services will be nonexistent, police and fire protection will be bare bones due to the lack of applicants and criminals will have free reign.
"The taxpayers are just 'spare parts' for the municipal government employee's six-figure pension and salary." _ D Proft
Sounds like a great idea to destroy what is left of the loop
So, if work from home is 2 days out of 5 do we only pay 3/5 of $8?
The carcass is always picked clean by the vultures. And that's exactly what's happening.
Business ain't coming back. Clean, friendly and safe. Look at what happened to River North since Lightfoots reign of terror. That's the cities future.
They won't be happy until they take all of America down.
The reason being no housing stick for sale
Guggenheim Partners more quietly made moves to leave the city
Does George Costanza still work there? Asking for a friend.
If you want less of something tax it. Taxpayers, that is.
Just wait until they start charging people by the amount of miles a year they drive their car. New York has started something downtown called a congestion fee on motor vehicles traveling thru certain parts of the city during certain time periods.
Why in the hell is State Farm still in this god forsaken state?
30 immigrants per house paying $100-200 each per month? It's doable. After receiving a luxurious welcome you don't expect them to live in an undesirable neighborhood do you?
Your home is the democrats ATM.
Conehead has already chased out the business establishment with his taxes Looters closed the retail establishment with their theft. Criminal violence chased out the tourists out due to fear. There's only one thing left to steal money from. That would be YOU. CHICAGO TAXPAYERS.
They are halfway to the finish line now...and their loyal followers (voters) will support them all the way.
Nobody doubles down like a progressive.
Cutting spending is never an option.
If any business has any foresight, they will leave Illinois entirely. The writing on the wall is in plain sight. The next decade is a make or break era for the city and the state. The current state of affairs allows no other conclusion but that we are circling the drain and starting to hear sucking noises.
Stop electing these fools and then re electing them. They are in it for themselves,
Said it before. It’s worth repeating. My pension is the bestest thing Chicago ever gave me. I saw Dan’s Olde Florida Country Club locker. My pension can’t afford THAT!
Very few (if any) have moved in since the pandemic. The Central Business District of today is a shadow of itself 25 years ago. Same with the Mag Mile. Been inside Water Tower lately? The people running the place handed the bank the keys and walked away a few years ago. Something that seemed too big to fail is failing big time right now. And all Let’s Go Brandon Johnson can come up with is tax the rich. Tell yourself whatever you want, but those “600k” home values will be next.
Just remember all that invested def comp money belongs to the city until it is dispersed to you.
But there's plenty of cheap ones south. Hmmm, is it the house or the neighborhood? You're citing a reason for business not to come here, not a reason for them to locate here.
Spot on! Just need to give the courts extra rooms to handle the impound cases. Kinda wish Evanston would do the same; tired of watching elderly pedestrians terrified to cross a street.
The ultra rich hire the best tax lawyers and accounts to make sure their assets are not available for the politicians to take. Perhaps the governor of Illinois can explain how tax shelters work.
I say that the head tax be worked into the proposed legalization of prostitution in Chicagoland.
What about a conehead tax?
They have destroyed the city, no until about it
You're an idiot.
Head tax on hoes ? Brilliant double endondre . I can see the ctu bringing the hoes under their progressive umbrella . Save the hoes ! Tax the pimps. ! It's for da chilruns !
Wrong. Sorry you never invested.
My employer has over 50 people in a Chicago office. Each and every one of them — save the nice girl that refills our drinks and snacks — can work remotely. We don’t NEED our Chicago office. We could go back to the suburbs or Just Say No to Illinois completely, without losing any headcount other than the nice girl.
Wait for the city income tax, its coming. Will start for households over $1 million, and then they will gradually lower the threshold. Enjoy!
No, no there is no doom and gloom. All is well in Chicago. Don't believe your lying eyes. Listen closely with your deaf ears and trust the politicians and their lying legacy media whores. Now keep paying up on all your personal and property taxes shrew - and keep voting Democrat.
It's not held in trust?
So basically, Dan's correct.
Listen so you hear this. They are ALL leaving. One by one. Their employees have revolted and leave to avoid the city. These companies are moving to red states. Did you see what Johnsonville did in the last couple of months. Very bad things are coming.
Chicago #1 export? Criminals, add steep fees, caught with a gun, 500 dollar fine, Retail Crime arrest 500 dollar fine, beat your spouse 500 fine, caught out after curfew 100 dollar fine, driving without a license 500 fines, driving fake rideshare 1000 dollar ,( we've missed an opportunity)
Sad when you don’t understand the cons of it.
And do you trust the Trust?
The Chicago pension systems are no different than the lottery. Had the city funded them in the PRESCRIBED FISCALLY SOUND manner in which they were DESIGNED today’s pension deficits would simply NOT exist.
Had the lottery proceeds gone STRICTLY towards education, as was given as the reason for the lottery’s existence, public education would be flush.
BUT.
When Democratic politicians see $$$ they salivate.
We get a redistribution of the wealth.
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