Your factoid, indicating that 'a specific threshold of cap gains tax' has gone down, does not negate the commenters point. Cap gains is only one kind of tax, m

Your factoid, indicating that 'a specific threshold of cap gains tax' has gone down, does not negate the commenters point. Cap gains is only one kind of tax, moreover, the 'top rate' is just one factor in it. Overall - tax receipts as a % of GDP have roughly been steady [1] or going up a little bit. (Hint: tax rates going up or down don't mean that tax receipts go up or down in unison. Lower taxes could possibly mean more tax revenue etc.) [1] https://en.wikipedia.org/wiki/Hauser%27s_law https://en.wikipedia.org/wiki/Hauser%27s_law As for Chicago, there might be specific factors. My unscientific hunch is that the middle class moved out, the crappy neighbourhoods expanded, and some neighbourhoods were taken over by migrants from poorer countries who don't have access/qualifications for higher skilled jobs. Essentially the same story as many cities, without maybe the 2000's renaissance we've seen elsewhere with people coming back to the urban core. It would be nice to look at the entire Chicago region.