Financial tycoon vows to pull massive business from Chicago over new mayor’s proposed taxes

Proving that things can always get worse, Chicago’s new woke Mayor Brandon Johnson was just sworn in and has vowed to implement socialist tax the rich and big business policies, that could cause more companies to flee the city and even make his predecessor Lori Lightfoot look moderate by comparison.

As has been the case with numerous progressive Democrats, Johnson, who is ostensibly the son of a pastor, is using religion as a shield and an excuse for his Bernie Sanders-friendly mandates.

The residents of Chicago were fed up with rising crime and taxes under Lightfoot. So naturally, they voted in someone much, much, much worse. Officials from both parties have hammered “lawlessness” seen in the city under Lightfoot, notably after she decided to slash $59 million from the Chicago Police Department budget in 2020 during protests for Defund the Police. Johnson ironically supports that movement along with Black Lives Matter.

Johnson was sworn in on Monday. He defeated more moderate Chicago schools CEO Paul Vallas who was business-friendly. Businesses such as the CME Group were already ticked over that. Now, piling on more taxes is pushing them out of the city and state altogether.

(Video Credit: Forbes Breaking News)

Johnson claims the taxes will dig the city out of its current financial hole. The left always makes that claim and it never works. Especially in big corrupt cities such as Chicago. The taxes will hit high earners and companies the hardest who are likely to fight back but are unlikely to win. Elections can have severe consequences.

The new mayor will also have to contend with a huge influx of illegal immigrants being bused to the leftist sanctuary city courtesy of conservative states. That will happen during the summer when violent crime tends to escalate in the Windy City. Johnson has served the past four years as a commissioner in crime-ridden Cook County.

Terry Duffy, who heads CME Group which is the country’s foremost financial derivatives exchange, appeared on the “Odd Lots” podcast Sunday complaining about the additional taxes that are being put into action by Johnson, an ex-union organizer and a former school teacher who won the endorsement of socialist Bernie Sanders.

Duffy asserted on the podcast that his $66 billion firm will head for the exit if Johnson doesn’t play ball with them. His company is responsible for both Chicago and New York’s mercantile exchanges.

“Mr. Johnson has no legal authority to impose a transaction tax on my business,” Duffy asserted.

He snarked that Johnson shouldn’t “get too bogged down on how he’s going to short-term think” his flawed plans. “He’s going to raise taxes on certain people in order to fit his agenda.”

Some have already left such as Chicago’s richest billionaire Ken Griffin, who in the fall relocated hedge fund Citadel to Miami, according to the Daily Mail. After a shooting outside the firm’s downtown offices, Griffin bought a $106.9 million waterfront estate in Florida which is an increasingly popular destination for disillusioned blue staters. He happily announced his plans to move his more than 1,000 staffers out of the crime-ridden metropolis.

Tyson, Caterpillar, and Boeing have already jumped ship in Chicago. CME Group leaving would be a devastating blow to the city.

Crime is so bad in Chicago that even if other big firms could tolerate the massive taxes coming, and they can’t, the violence would prompt them to leave.

Johnson’s victory this month over his opponents showed the so-called “Blue Wall” built by progressives in the Democrat-led city is still strong and thoroughly in control of Chicago.

As he was inaugurated, Johnson touted values such as “hard work” and the Windy City’s inherent “soul.”

Get the latest BPR news delivered free to your inbox daily. SIGN UP HERE


We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.

Latest Articles