k-12 tax & $pending climate: killing the tax base
Citadel’s workforce once numbered 1,100 in downtown Chicago, most of whom were compensated well above the $200,000 threshold Mayor Johnson now wants to tax. In a few short years, Citadel’s Chicago headcount now is at just 250, we understand.
Once company bosses make up their minds that the “privilege of doing business” in a certain place is no longer worth the expense and headache, it doesn’t take long for them to act.
Progressives who lack respect for billionaires like Citadel CEO Ken Griffin may feel they can afford to sniff at the loss of hundreds of his highly paid employees. But the departure of those 850 Citadel workers has meant hundreds of millions in lost spending power, including tax receipts.
Keep chasing folks like that out of town, and that 5% tax soon will need to be raised to something like 7.5% and surely more later.
That’s how once-flourishing cities like Chicago end up circling the drain.
