Privilege Tax

That which a cultural Marxist wishes destroy, he calls “privileged.” The power to tax is the power to destroy. Due to the presence of Chicago, Illinois is run by leftists. Consequently,

Proponents here call it the “privilege tax.” In their continuing quest to punish the productive areas of the economy, liberal groups are pushing legislation in blue states that will force finance professionals to pay up—or move out.

The Illinois bill would put a 20% levy on fees earned by investment advisers. …

Liberals are hoping that similar bills pass in other liberal-dominated states like New York, New Jersey, and Connecticut, so that business doesn’t leave Chicago.

Yet who says financiers can’t do their jobs just as well in Palm Beach, Fla.—or London, Zurich or Hong Kong? The progressives peddling this idea don’t understand that Chicago competes for these businesses not only with New York and Greenwich, Conn., but with anywhere that can offer cellphone service and an internet connection. Finance is international and highly mobile.

So are a lot of businesses these days. That’s one reason Chicago’s population is declining.

On a tip from Steve A.