{"id":2009871,"date":"2023-08-23T19:09:05","date_gmt":"2023-08-23T23:09:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brandon-johnson-proposes-tax-hikes-on-high-end-chicago-homes-to-fight-homelessness\/"},"modified":"2023-08-23T19:10:38","modified_gmt":"2023-08-23T23:10:38","slug":"brandon-johnson-proposes-tax-hikes-on-high-end-chicago-homes-to-fight-homelessness","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brandon-johnson-proposes-tax-hikes-on-high-end-chicago-homes-to-fight-homelessness\/","title":{"rendered":"Brandon Johnson suggests increasing taxes on luxury homes in Chicago as a means to combat homelessness."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbrandon-johnson-proposes-tax-hikes-on-high-end-chicago-homes-to-fight-homelessness%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2009871&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Chicago Mayor Brandon \u2063Johnson Makes Changes to Tax Proposal to Address Homelessness<\/h2>\n<p>Chicago Mayor \u200cBrandon Johnson is taking steps to fulfill his campaign promise of combating homelessness, but not without facing concerns from property owners about potential tax burdens. In response to these concerns, Johnson has revised his proposed tax system, shifting away from the city&#8217;s flat tax\u2064 rate on all property sales.<\/p>\n<p>The original proposal, which Johnson presented during his campaign, included two tiers: a 0.75% tax on \u2064home sales below $1 million and a 2.65% tax on properties above $1 million. However, the revised proposal,\u2064 known as the \u2064&#8221;Bring \u200bChicago Home&#8221; initiative, introduces a three-tier system for home sales.<\/p>\n<p>Under the new plan, properties will be categorized based \u200con\u200c their value: those under $1 million, those between $1 million and $1.5 million, and those above $1.5 million. While owners \u2063of properties below $1 \u200cmillion will benefit \u2063from lower tax rates, with the\u200c rate dropping from 0.75% to 0.6%, owners in the second and third tiers will experience increased \u2062tax rates of 2% and 3% respectively, the latter being four times the current rate.<\/p>\n<p>City\u200d officials have clarified that the tax increases for the second and third tiers will only apply to buyers, while the first\u200b tier will affect both buyers and sellers. The tax rates will be calculated\u2063 using a marginal rate, ensuring fairness in the system.<\/p>\n<p>Johnson&#8217;s team estimates that the \u2062lower tax rate on sales below $1 million will impact nearly 96% of property sales in Chicago, providing relief to property owners \u200band smaller multifamily buildings. However, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/brandon-johnson-proposes-tax-hikes-on-high-end-chicago-homes-to-fight-homelessness\/\" title=\"Brandon Johnson suggests increasing taxes on luxury homes in Chicago as a means to combat homelessness.\">large \u2063commercial property owners downtown<\/a> have expressed concerns about higher taxes, especially during a\u200b period of slow sales and high \u2064interest rates. This has led to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/arizona-gov-katie-hobbs-vetoes-gop-bill-eliminating-food-tax-amid-skyrocketing-inflation\/\" title=\"Arizona Gov. Katie Hobbs Vetoes GOP Bill Eliminating Food Tax Amid Skyrocketing Inflation\">increased property taxes<\/a> and weakened demand for Chicago real estate.<\/p>\n<p>The proposed three-tier plan has faced\u2062 criticism from industry leaders. Farzin Parang, executive director \u2063of the Building Owners \u2062and Managers Association, believes that burdening one industry sector, particularly during a vulnerable time, is not <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/erickson-the-united-states-of-contrarianism\/\" title=\"ERICKSON: The United States Of Contrarianism\">sound public policy<\/a>. Michael Jacobson, CEO \u2063and president\u2062 of the Illinois Hotel &#038; Lodging Association, sees the proposal as a reason for businesses to \u200bconsider relocating.<\/p>\n<p>The revised tax proposal, expected to be introduced before the Chicago City Council on Sept. 13, will undergo further scrutiny. If approved, it\u200d could appear on the \u2064primary ballot in March 2024, allowing voters to decide whether to accept the modifications to the \u2062city&#8217;s tax system. The revenue generated from the tax changes \u200dwould be dedicated to addressing homelessness in Chicago.<\/p>\n<p>Chicago \u2064is taking a proactive approach to tackle homelessness, but the proposed tax modifications have sparked a lively debate \u2062among property owners\u2062 and industry leaders. The outcome \u200cof this proposal will have significant implications for the city&#8217;s tax system and its efforts to combat homelessness.<\/p>\n<h3>Read More:<\/h3>\n<p>To learn more about this topic, click <a href=\"https:\/\/www.washingtonexaminer.com\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chicago Mayor Brandon Johnson is revising his campaign pledge to combat homelessness by increasing taxes. Concerns were raised about the potential burden on property owners. Johnson&#8217;s new tax system would move away from the city&#8217;s flat tax rate on all property sales in Chicago. His proposal aims to address these concerns.<\/p>\n","protected":false},"author":1,"featured_media":2009872,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2009871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2009871","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2009871"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2009871\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2009872"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2009871"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2009871"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2009871"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}