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I'll be spending part of the holiday weekend there, sad they tax the shit out of companies so badly they have to leave the city, because downtown Chicago is a wonderful place, along with north side neighborhoods, to say nothing of the Gold Coast.
The corporate taxes are not only obscene in Chicago, the surrounding suburbs, anywhere from 30 to 45 minutes away, are also crushing people with taxes, and all of that filters downstate, which also is not immune. Police and firefighter unions are very well funded, and tax dollars have to pay for these pensions. Throw in all the elected officials who also get Cadillac pensions, with substantial raises that see many go over six figures annually, and you get yourself in a mess, and have to keep raising taxes.
www.thepolicycircle.org
There are reasons that businesses have liked doing business in downtown Chicago or nearby, living in ultra-wealthy enclaves like Deerfield, Lake Forest, Winnetka, and other suburbs, but a business is about the bottom line, and they can easily relocate their HQ to another city, two major employers in my part of the state have either done that already, and the other is considering it. It's damn hard to blame them.
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Exactly, they are not sustainable, just like those same pensions are not sustainable in my Republican town.Actually, the police and fire pensions are not well funded at all, in fact, they are going to run out of money.
The state of Illinois is suffering from a government-worker pension shortfall of over $111 billion – the worst retirement crisis in the nation.
Illinois: Rundown on Pension Crisis - The Policy Circle
They can keep part, or most, of their manufacturing or whatever their business might be, in Illinois, while HQ'ing in another state, I believe that is how they get around paying the majority of state taxes. This is largely why these corporations are fleeing Illinois and California for Texas.They don't escape if they stay in Illinois........
They're not driving out the murderers and thugs.The democrat party is emptying out the city of Chicago. Their tax policies alone are driving out people who create jobs.......and this is intentional. They drive out the wealthy, and then only the people who will vote for democrats remain....yes, it is short sighted and stupid...but the democrat party would rather rule over bones and ashes than be out of power....
During the past decade, Chicago’s commercial property taxes have jumped 93 percent. The city taxes commercial properties at 3.78 percent of their value each year—the nation’s second-highest effective tax rate and more than double the average for the largest cities in each state. By comparison, San Francisco has an effective rate of 1.18 percent.
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Consider the plight of the Marinos family, owners of Bel Mar Wire Products in Bucktown. Their journey embodies the American Dream—immigrants who built a stable, family-owned manufacturing firm. But in December 2022, they were ambushed by a nearly 400 percent property-tax hike. Their massive tax bill forced them to let half of their dedicated workforce go.
“We just went through COVID. Closures, price increases, surges of gas, of food, insurance, costs, short labor supplies,” said Aliki Marinos. “We feel like you’re kicking us out, like you don’t want us here, like you want us to fail? That’s what it seems like.”
Marinos’s frustration mirrors that of other businesses in the area, big and small, struggling under crushing tax burdens. Cook County business owners in the north and northwest suburbs saw a 134 percent increase in property tax hikes in the past 20 years, from $12,282 to $28,710. Commercial property tax hikes in the south and southwest suburbs were not far behind.
The famed Willis Tower saw its property taxes rise by 29 percent in 2022, resulting in an $11 million hike in a single year. That brings the tower’s property tax bill to more than $50 million annually. Prudential Plaza and its 64 stories saw a similar 24 percent increase, bringing its bill to over $27 million last year. These hikes will likely get passed on to tenants in the form of rent increases.
That Taxin’ Town
High business taxes are driving more Chicago businesses away—and threatening the city’s economic future.www.city-journal.org
If the devil exists....the democrat party belongs to him....
There are reasons that businesses have liked doing business in downtown Chicago or nearby, living in ultra-wealthy enclaves like Deerfield, Lake Forest, Winnetka, and other suburbs, but a business is about the bottom line, and they can easily relocate their HQ to another city, two major employers in my part of the state have either done that already, and the other is considering it. It's damn hard to blame them.
You do not realize much, do you.
Raising taxes is not put on the ballot to be voted on. When is the last time you saw tax rates on the ballot?
Of course, Chicago is a Democrat city, so to answer your dictatorship question, as long as Democrats have been in power.
the tax rate is on the ballot?Every time a politician runs for office the tax rate is on the ballot. You add up those promises and you figure out what they’re gonna cost and then you’ll know what your tax rate is going to be. If you’re you’re not doing that you’re too stupid to be voting
You make a lot of bold pronouncements for somebody who is dumber than a sack of rocks. You actually think that somebody making $22,000 is going to be buying a house?
