Thursday, September 3, 2015

Chicago Mayor Ready To Push For Largest Property Tax Hike In Modern History

News
A combination of unrealistic promises and poor management decisions has many of the nations largest pension funds heading towards insolvency. Politicians, in response to the coming crisis, will be raising taxes to defend the integrity of system that only a small minority recognizes will fail regardless of public policy. While increases taxes bumps public coffers over the short-term, its reallocation from productive private sector to unproductive public sector curtails economy growth over the long-term. Tax revenues designed designed to save public pensions, rarely do because the percentage of revenue collected relative to total income remains relatively constant over time. In other words, Chicago will be struggling to fund public pensions as the economy contracts. This battle, a conflict of interest among those supporting saving the people (we) or system (they), will get worse before improving.

Headline: Emanuel set to call for largest property tax hike in modern Chicago history

Mayor Rahm Emanuel is set to call for the largest property tax increase in modern Chicago history to raise enough money to make a major pension payment for police and firefighters next year, the mayor's City Council floor leader and a City Hall source told the Chicago Tribune late Wednesday.


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