Democrat Chicago mayor wants to push ‘mansion tax’ on homes that sell for more than $1 million – and his team want to tax households earning $100K or more in report named ‘First We Get the Money’
Newly appointed Chicago mayor Brandon Johnson is looking to implement a tax on the sales of homes worth more than $1 million in the Windy City
Property owners who sell their homes for between $1 million and $1.5 million would see tax rates rise from 0.75 percent to 2 percent
Allies of Mayor Johnson, 47, have also announced plans to push a $12-billion plan for the city titled ‘First We Get the Money’
then corral you in a SMART 15 MIN city you funded and run away
Chicago’s mayor Brandon Johnson is pushing a ‘mansion tax’ on sales of homes of more than $1 million, as his administration continues to push higher tax on households earning over $100,000.
The newly elected mayor, who took over from his disastrous predecessor Lori Lightfoot in May of this year, wants to push a hike in taxes in order to fight homelessness in the city. HERES AN IDEA CLOSE THE BORDER AND NO SANTUARY CITY
Allies of Mayor Johnson, 47, have also announced plans to push a $12-billion plan for the city titled ‘First We Get the Money’.
The plan, seemingly named after a quote from the 1983 film Scarface, aims to build a ‘more just’ Chicago by slashing funding for the police and implementing new taxes in the city.
Johnson believes people that own properties worth $1 million in the third-largest city in the U.S. are ‘rich, and should pay if they sell those homes’.
The plan, named ‘Bring Chicago Home’ is a compromise from his previous plan that would have seen the transfer-tax rate triple from 0.75 percent to 2.65 percent.
According to the National Review, Johnson is now proposing a three-tier progressive-transfer rate.
This means that sales below $1 million would see the tax cut from 0.75 percent to 06. percent, while property owners who sell their homes for between $1 million and $1.5 million would see tax rates rise from 0.75 percent to 2 percent.
Property sales of $1.5 million and above would see their tax rate quadrupled to three percent of the transfer amount.
h/t Coastie Patriot