The Globe and Mail reports in its Saturday edition that Chicago's proposed transaction tax on derivative firms has big companies pondering their future in the city. The Globe's Gus Carlson writes that the move is not the first time a government has squeezed the finance sector to cover up its own incompetence. Chicago's new mayor, Brandon Johnson, does not need to search too hard for cautionary tales as he mulls covering Chicago's huge budget deficit and slowing the city's tailspin into what economists call a "doom loop" -- as more residents and businesses leave and less development occurs, the property tax revenue stream decreases, often rapidly. Mr. Johnson's proposed strategy is less about big swings of the tax axe and more about generating revenue by lots of small cuts. He wants a $1 (U.S.) to $2 (U.S.) levy on every securities contract trade. Considering the huge annual trade volumes handled by Chicago's big derivatives and commodities firms, that is not exactly chicken feed. Combine that with Chicago's reputation as an increasingly sketchy place to live and work, and there is every reason to believe some of the affected firms may follow the likes of Boeing, Caterpillar, Tyson Foods and Citadel out of the city.