Chicago to repeal soda tax after citizens finally rebel against legislative over-reach
Historically, Chicago is one of the most corrupt cities in America with the municipality being dominated by a combination of organized crime, dynastical families, and unions.¬† And the victims of this corruption have often been the citizens of Chicago who even today live in fear from potential homicide that law enforcement can’t even begin to deal with.
And in response, Chicagoans are leaving the City and state in record numbers as the fraud and fiscal irresponsibility of the past 50 years is now coming back to haunt the Midwestern mecca.¬† However for those who remain, it appears that many have finally had enough of simply being thought of as tax slaves by the politicians.
In a shocking move that completely upends Chicago’s endless pursuit of higher taxes and an overly-regulated nanny state, the Cook County Finance Committee took the unprecedented step of voting to actually repeal their unpopular ‘soda tax’ last night.¬† The 15-1 vote followed an outcry from local residents and small business retailers who say their soda sales crashed 90% after the original ban was passed.¬† Per¬†ABC:
The vote to repeal the sweetened beverage tax was one spawned by revolt from people and business owners across the county, many who packed the board meeting Tuesday afternoon.
“I’m about 10 percent of where my soda sales used to be. It’s really hurt me deeply in the pocket and my workers also. I’m very happy you are understanding this and going to repeal this tax,”¬†said Ken Blum, a blind vendor.
“I believe what we heard over the last ten and eleven months is that our residents are fed up, and they finally said enough. Tax fatigue has sunk in,”¬†said Cook County Board Commissioner Sean Morrison.
“I have heard from the people in my district overwhelmingly, the business owners, the retailers, as well union members in this building who are opposed to this tax,” said Commissioner John Daley.
“Let me tell you I’m overjoyed and elated that this tax is going to go away. I mean the people in my district by an overwhelming majority don’t want this tax,” said Commissioner Richard Boykin. –¬†Zerohedge
For all intents and purposes, Chicago, as well as the entire state of Illinous, is bankrupt and insolvent, with over $16 billion in unpaid liabilities to vendors and hundreds of billions more in underfunded pension obligations.¬† Additionally, their credit rating has long been lowered to Junk status meaning the cost of borrowing more debt will outweigh whatever revenues they might try to squeeze out of the people from their most recent hikes in income and property taxes.
Chicago, along with Harford, Connecticut, are just the latest in a string of municipalities that have relied too much upon debt and high taxes versus cultivation of economic growth.¬† And perhaps it is not surprising that¬†many of Chicago’s legislators are choosing to bail out and not run for reelection next time since they are likely to lose anyway as the people in Chicago finally begin to rise up and let their voices be heard.
Kenneth Schortgen Jr¬†is¬†a writer for¬†The Daily Economist,¬†Secretsofthefed.com,¬†Roguemoney.net, and¬†Viral Liberty, and hosts¬†the popular¬†youtube podcast¬†on Mondays, Wednesdays and Fridays.¬†Ken can also¬†be heard Wednesday afternoons giving an weekly economic report on the¬†Angel Clark radio show.