In a stunning turn of events, Chicago’s new Mayor Brandon Johnson has unleashed a tax nightmare that threatens the very foundation of the city’s iconic company, the Chicago Mercantile Exchange. Under the guise of his far-left socialist agenda, Mayor Johnson’s proposed taxes, amounting to approximately $800 million, including a financial transactions tax, could send shockwaves through the business community. The implications are dire, with the CME facing the possibility of leaving Chicago altogether. The survival of this iconic institution hangs in the balance, and the consequences could be felt by every resident of the Windy City. Brace yourself for the shocking details of this unfolding crisis!
It’s hard to fathom a situation worse than what Chicago endured under former Mayor Lori Lightfoot. Yet, new Mayor Brandon Johnson, barely a week into his term, is already surpassing Lightfoot’s failed leadership with his disastrous policies. It is now being reported that the Chicago Mercantile Exchange (CME), an iconic symbol of the city’s financial rebirth, is now under threat.
Johnson’s far-left socialist mindset seems to know no bounds, and his proposed taxes are a testament to his reckless ideology. Among them, a financial transactions tax (FTT) looms as a potentially devastating blow to the CME and the entire city. FTTs are applied to the buying and selling of financial assets, such as stocks and bonds, based on a percentage of their value. The implications of such a tax on the CME’s operations are dire.
In a recent interview with Bloomberg, CME CEO Terry Duffy expressed the gravity of the situation, stating that the exchange is prepared to leave Chicago if necessary. Johnson has no legal authority to impose a transaction tax on the CME, and his short-sighted approach to raising taxes to fit his agenda is alarming.
Duffy further revealed that the CME has already taken precautions, selling all their property in Illinois and Chicago. Leases now contain provisions that render them null and void in case of ill-conceived actions from the city or state. The company stands on solid ground, ready to relocate if required.
It’s abundantly clear that Mayor Johnson is facing a corporate giant that means business. Despite the CME’s historical ties to Chicago and its preference for remaining in the city, Johnson’s reckless tax proposals have forced the company to explore other options. The CME’s departure would not only be a devastating blow to Chicago’s economy but also a clear sign of the Mayor’s inability to lead.
The real problem lies in the recurring pattern seen in Democrat-run cities across America. Left-wing politicians consistently turn a blind eye to escalating violent crime, rampant drug addiction, senseless murder, and the destructive ideology of “woke” culture. Their solution? Raise taxes and implement wealth-redistribution schemes that prey on the success of hardworking individuals. The repercussions of such policies are felt by ordinary citizens, while the politicians play the role of wealth redistributors.
Chicago Mayor Brandon Johnson, along with Joe Biden, Chuck Schumer, Hakeem Jeffries, and the entire Democrat Party, remain silent and unavailable for comment. Their absence speaks volumes, demonstrating a lack of accountability for the disastrous consequences of their actions.
Chicago finds itself at a critical juncture under Mayor Brandon Johnson’s leadership. His radical tax proposals have put the iconic Chicago Mercantile Exchange on the precipice of departure, leaving the city in a state of uncertainty. The implications of losing such a significant institution are far-reaching and could be felt by every citizen. It’s essential to recognize that the problems plaguing Democrat-run cities extend beyond Chicago’s borders. The time for real solutions and accountable leadership is now.
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