Chicago Mayor Rahm Emanuel Proposes $712 Million In Tax And Fee Hikes

Chicago’s long-dreaded “financial reckoning day” officially arrived on Tuesday.

Mayor Rahm Emanuel unveiled his $7.8 billion budget for 2016 before the Chicago City Council, which was higher than originally expected concerning the property tax hike and overall spending plan. Fran Spielman reported on the Chicago Sun-Times website Tuesday morning:

To confront the pension crisis and eliminate the structural deficit he inherited, Emanuel’s $712 million package of tax and fee hikes includes: a four-year $588 million property tax increase for police and fire pensions and school construction; a $9.50-a-month garbage collection fee; $13 million in higher fees for building permits; a $1 million tax on e-cigarettes and $48 million in fees and surcharges on taxicabs and ride-sharing services that have siphoned business away from them.

The phased-in property tax increase would be the largest in Chicago history…

(Editor’s note: Bold added for emphasis)

Oh, but there’s more. Spielman added:

The mayor also warned that he’s not done raising property taxes. He reaffirmed his support for a $170 million property tax increase for teacher pensions provided teachers accept the equivalent of a 7 percent pay cut and the state agrees to pick up “normal” pension costs…

(Editor’s note: Bold added for emphasis)

Personally, I think there’s a really good possibility new and higher fees, fines, and taxes are still on their way as the city’s financial health continues to deteriorate.

After all, based on historic economic cycles, a recession probably isn’t that far off.

I’ve blogged about the arrival of Chicago’s “financial reckoning day” for a couple of years now.

I’m sure more than a few Chicagoans thought I was a loon for doing so.

Personally I don’t give a crap about that. My goal in issuing those warnings was to wake my now-former neighbors up to the tough financial times that could be headed their way.

It is my hope those alerts didn’t fall entirely on deaf ears.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Spielman, Fran. “Rahm pitches tax hike: ‘Now is the time. This is the Council.’” Chicago Sun-Times. 22 Sep. 2015. (http://chicago.suntimes.com/news/7/71/979752/mayor-emanuel-makes-budget-pitch-city-council). 22 Sep. 2015.

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