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Because it's what Stacy Davis Gates and CTU leadership want him to do.
Chicago is tough to tax the wealthy because it’s not NY and doesn’t have as large of a pool. They won’t leave NY because it’s the optimal place for their companies. There’s not as strong of a system here to keep them both lifestyle and network wise. Chicago is this weird middle ground where both the opportunities and talent are on average better than the rest of the country. But it still lags behind the leading economic centers despite having a couple of the best universities in the country.
Chicago is probably better off focusing on building tons of affordable, quality housing and then attracting more people to move here and set up new companies. I understand the sentiment of taxing big firms headquartered out of state that want to benefit from doing business here, but I don’t think the tax revenue works out to be worth the admin overhead of trying to push this through. Chicago needs to grow its way out of its budget problems and get more transparency on where all the money goes
Pro
Why is he so obsessed with race and giving teachers the most egregious pensions on the planet?
Chief
It’s the Democrats’ playbook. They have nothing good to show for themselves, their whole platform is not being Trump.
I support it. Those that say it disincentivizes are proven wrong. And those that apply trickle down economics level thinking that corporations give back more indirectly are insane. Either tax the companies or tax the head count. These companies are going to offset that with other incentives to get people back into offices and get into open buildings. We are talking companies with 500+ people. Not small businesses.
You’re right, trickle down economics doesn’t work. However you have to force the companies into a position where they are “happy” to eat the tax, because the opportunities are worth it and too big to ignore. Illinois is not California. Most companies hate the employer laws and CA tax code, but to ignore the CA market for any company would be insane.
We have to start by making Chicago the place where people want to move to and stay. We need to have a healthy balance between real estate appreciation and not overbuilding and make it one of the best places for young people (remote workers) who want to invest in a home in their late 20s vs late 30s/40s like other parts of the country. Help new businesses like restaurants, theaters, shopping, etc open so that the lifestyle and entertainment offset the negatives from the weather. With more of those types of businesses as potential customers, there will be more reason for bigger companies to set up shop (RE developers, investors, professional services). More corporate and tech jobs creates more economic opportunity for regular families and tax revenue. We already have solid public transit, which is a key building block. We just have to make sure it’s maintained and safe.
Enthusiast
Taxes gotta come from somewhere and there's no other alternatives
No politician wants to fight the unions and tackle the pension problem
The city needs the revenue, so yeah it’s a good thing. I think we should also have a Euro style 25% sales tax to improve schools and roads and affordable housing . I wouldn’t mind paying a lot more than what we’re on property tax, given the city’s low COL compared to coastal cities
Pro
C1 - There’s nothing stopping you from paying more tax
Chief
Maybe if he cries a few more times it’ll pass.
Consultant 1 - I disagree with you and your logic but there is nothing stopping you from paying more
Moving to a lower tax state solves the problem
Cities used to declare bankruptcy in the past. Nobody does it anymore.
Whose firm did what?
Why are you against a corporate head tax?
We have about 1000 people in the Chicago office, I imagine we would just go back to the burbs. There’s no need to be in the city if you aren’t doing business with the city.
There may be an upside -- if companies want to reduce their costs, WFH becomes an option to do that
And then, people’s property taxes continue to go up, because the commercial tax base is all but gone.