There’s a certain type of person that doesn’t trust democracy. On the left, there’s a perception that difficult issues must be left to the experts. On the right, a fear that “the mob” will try to extract wealth from the rich. These people have trouble explaining Switzerland, by far the most democratic country on Earth.
So here’a a question for all you right wing democracy skeptics. Chicago recently voted on a referendum to create a “mansion tax” on sales of real estate valued at $1,000,000 or more. How would you expect the vote to have gone? Here are a few helpful facts:
1. The median home price in Chicago is $359,900
2. Chicago has a very large population of renters, often living in low income black and Hispanic neighborhoods. Many live in public housing.
3. The recently elected mayor supported the proposal.
4. If it fails, alternative taxes or benefit cuts will be required.
Given those facts, how would voters have responded to this referendum question? Is this what you expected?
Chicago voters rejected Mayor Brandon Johnson’s plan to increase taxes on real estate transactions of $1 million or more, dealing a blow to the first-term Democrat’s progressive agenda.
About 53% of voters opposed the referendum, according to the Chicago Board of Elections. The measure would have allowed the city council to increase transfer levies on upmarket residential and commercial property sales.
I suspect that low income Chicagoans understand that if all the rich move to Florida it will make Chicago look like Detroit, and that won’t be to their benefit.
PS. You might wonder how I knew immediately after the 2020 election that Trump would be back in 2024. It wasn’t hard to figure out that after 4 years of Biden, America’s voters would be in a very conservative mood. Even San Francisco voters are shifting to the right. The pendulum effect.