[moorhosj]

Originally Posted by Vlajos

Though does mention a need for "progressive taxes" without ever fully explaining what that could be. So all around not that bad.

One specific she has called for is a graduated real estate transfer tax.

The current tax is $5.25 for every $500 of a property’s sale value, or 1.05 percent. Lightfoot’s tax would charge 0.35 percent for the first $500,000 of sale value; 1 percent for between $500,000 and $1 million; 2 percent for between $1 million and $5 million; and 3 percent for the sale value over $5 million.

Lightfoot projected that 95 percent of property sales in the city would see a cut in the amount of transfer tax paid under the proposed rates. She also estimated the new structure would bring in an additional $80 million to $150 million per year. Proceeds from any transfer tax ebb and flow with the housing market.