mark francis
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- Jan 15, 2021
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Raising taxes on employees may not go well for extremely big corporations with the ability to flee to other cities with much lower tax rates.
pjmedia.com
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.
The 'Worst Mayor in America' Promises a 'Head Tax' on Larger Businesses
Chicago's mayor proposes a controversial 'head tax' as city faces budget deficits.
pjmedia.com
The 'Worst Mayor in America' Promises a 'Head Tax' on Larger Businesses
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.