Business

The Chicago Corporate Head Tax can return after a ten-year absence

Chicago Mayor Brandon Johnson He is proposing a renewal of the corporate tax that ended the Windy City a decade ago that businesses warn could cost city jobs.

Johnson proposes the so-called “Taxation Tax“That will apply to companies with more than 100 employees and will cost a monthly fee of $21 for each employee who meets the employment limit.

The tax rate will increase based on inflation, and be assessed based on the number of employees who work in Chicago 50% or more of the time.

The Mayor sees it as a way to reduce Chicago’s budget deficit of 1.2 percent, and the city estimates that it will raise $100 million a year.

Billionaire Ken Griffin Says Chicadel’s Chicago Exodus ‘Wasn’t Hard,’ CISI TES CRISE, Tax

Chicago Mayor Brandon Johnson has proposed bringing back the city’s capital tax on businesses. (Daniel Boczarski / For No Kings / Getty Images)

Chicago had a head tax in place from 1973 to 2014, raising an average of $20 million in Tax revenue at that time. The tax rate was $4 per head for companies with more than 50 employees — although it dropped to $2 in 2012 when the tax phase began under Mayor Rahm Emanuel.

Illinois Restaurant Association President Sam Toia told Kelly of Fox’s Fell Saseri

“I used to say before the pandemic, restaurants used to deal with numbers of nickels and dimes, and if we see this payment on Job’s head, and if we have this restaurant company, we will not see these restaurant jobs growing here in the city of Chicago,” said Toia.

Chicago City Skyline

Mayor Brandon Johnson sees the head tax as a way to reduce Chicago’s budget deficit. (Via Tom Williams / CQ-Roll Call, Inc / Getty Images)

Socialist candidates are gaining ground in US cities as business grows

Johnson proposes a series of other taxes, including cloud services, Rideshare Services In the leading areas of automobiles, social media companies, online sports betting and yacht mooring help increase revenue.

This page cloud taxalready in place and will rise from 11% to 14%, it would raise $ 333 million in Revenuex annually. The Rideshare tax would increase by adding a high-traffic zone and could raise $230 million a year.

Citadel CEO UK GRIFFIN

Chicago has seen the emergence of several high-rise businesses in recent years, including Ken Griffin’s citadel. (Kayla Bartkowski/Getty Images)

Find FOX business on the go by clicking here

Chicago has seen the emergence of several high-rise businesses in recent years, including Ken Griffin’s citadel.

Businesses that have moved their headquarters or significant parts of their operations outside of Chicago include Boeing, Inc., Guggenheim Partners, TTX and Tyson Foods.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button