• Mayor Brandon Johnson proposes a “mansion tax,” which could increase transfer taxes for high-end properties like the iconic Italian beef stand.
• The beef stand, valued at over $1 million, would fall under the umbrella of this tax.
• A significant increase in transfer taxes could make selling the property more challenging.

When Businesses and Beefs Collide with Politics

Mayor Declares War…On Taxes

Who knew that managing a city could make your wallet thinner than the pages of the tax code? Mayor Brandon Johnson has decided that it’s time to “beef up” city revenue (see what I did there?) by proposing a fresh new income stream – an essence of grandeur tax, or more commonly known, the “mansion tax”. This flashy tag implies taxing sales of grand real estates based on their not-so-petty price tags.

When Your Italian Beef Stand Is A ‘Mansion’

There’s clearly nothing more ‘mansion-like’ than an Italian Beef stand, right? What? You thought mansions were just posh, sprawling palaces with indoor pools and personal saunas? Guess again! In the new tax world, our overpriced, yet delicious sandiwch joint finds itself painted with the same costly brush as a silver-spoon abode. Valued at over a cool $1 million, this humble beef haven now finds itself eye-rollingly categorized as a high-end property.

Buy/Sell In Peace? More Like, Buying Peace of Mind Is Now Costlier!

If the mansion tax sinks its bloodthirsty teeth into these high-end properties, we could see a dramatic comedy of owners struggling to sell their properties. Why add to the already grueling struggle of managing a million-dollar business when you can simply…pay more taxes? Talk about adding salsa to the wound!

In summary, as much as Mayor Brandon Johnson’s ‘mansion tax’ seems like a golden ticket to boosting city revenue, it just may not bode well for Italian beef stands, and well, real estate owners in general. Imposing a steeper tax on already high valued properties might leave us with many beefs but fewer beef stands, and certainly fewer mansions changing hands. Dear owners, looks like there’s a fatter tax bill than your juicy beef sandwich waiting on your next real estate sale! Now, eat up before they tax us for laughing too much over this article!

Original article: https://www.inman.com/2023/11/17/mr-beef-is-a-mansion-under-chicagos-proposed-tax-yes/