Rahm Emanuel

More Financial Pain For Many Chicago Homeowners In The Coming Days

When it comes to keeping on top of the latest financial developments coming out Chicago, I’ve been out of the loop lately (no pun intended).

As if that really mattered. Like I’ve been saying for some time now- the writing is on the wall for the “Windy City” concerning its finances.

I’ve also pointed out time and time again Chicagoans should expect higher/new fees, fines, and taxes (in conjunction with less government services) going forward.

Case in point- the next round of property tax bills. Hal Dardick reported on the Chicago Tribune website last week:

Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.

The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.

Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall’s painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413

(Editor’s note: Bold added for emphasis)

Compare this to an overall 9.3 percent citywide increase over the last three years, according to Dardick.

And just this morning one local TV news broadcast reported that the Chicago Teachers Union is demanding Mayor Emanuel raise taxes even more for school funding.

I think it’s pretty safe to say that more financial pain is heading Chicagoans’ way.

As for the rest of Cook County, the Tribune piece noted:

By comparison, homeowners in suburban Cook County typically can expect more modest increases, averaging 2 percent, although they already are paying substantially more than their city counterparts, according to Orr’s data…

Last I checked County finances weren’t too pretty either, so these suburban homeowners may very well be in the same boat as their city counterparts down the road.

For more information, check out Dardick’s entire article here on the Tribune website.

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

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SP Intel Report- December 1, 2015

I hope Survival And Prosperity readers had a nice Thanksgiving holiday. I’m going to keep the SP Intel Report short and local tonight as I get back into the swing of things.

Chicagoland

Chicago Thanksgiving Holiday Shootings Leave 8 Dead, At Least 20 Others Wounded

The long holiday weekend was a bloody one for Chicago. It was reported on the Fox 32 (Chicago) website Monday morning that 8 people were killed and at least 20 others wounded in shootings across the city. According to the HeyJackass! website this afternoon, the “Windy City” has tallied 2,750 shootings and 464 homicides year-to-date. Yikes.

‘Magnificent Mile’ Retailers Say Protest On Black Friday Resulted In Sales ‘25 Percent To 50 Percent Below Projections’

Kim Janssen reported on the Chicago Tribune website Monday afternoon:

Activists who blocked the entrances to stores on North Michigan Avenue on Black Friday to protest the fatal shooting of a black teenager by a white Chicago cop may have split opinions with their tactics.

But their goal of forcing retailers to suffer economic pain on what’s historically the busiest shopping day of the year was a success, according to unhappy store staff and managers who said Monday that Black Friday sales on the Magnificent Mile were 25 percent to 50 percent below projections

(Editor’s note: Bold added for emphasis)

As if the city of Chicago needed more financial misery heaped on it these days.

Chicago Police Superintendent Garry McCarthy Fired

“I’ve never quit on anything in my life. I’m 56 years old. Don’t expect that to change… The mayor has made it very clear that he has my back…”

-Chicago Police Superintendent Garry McCarthy on November 27, 2015, in response to calls for his resignation post-Laquan McDonald shooting video release


“FNN: Garry McCarthy out as Chicago Police Superintendent”
YouTube Video

“The mayor has made it very clear that he has my back”

Famous last words .

While I wasn’t a fan of Superintendent McCarthy, I do thank him for his several years of public service on behalf of the residents of Chicago.

Illinois

Illinois State Rifle Association Issues ‘Urgent Alert’ On Prepping For Terrorism

While I haven’t been following the activities of the Illinois State Rifle Association for long, I don’t think I’ve ever seen them this worked up about such an issue. From a November 14 Facebook post:

URGENT ALERT –
DO NOT PUT YOUR FAMILY SECURITY ON THE BACK BURNER
EVENTS IN PARIS ARE JUST A WARM UP EXERCISE
YOU MUST ARM AND TRAIN YOUR FAMILY TO ENSURE SURVIVAL

People around the world were treated today to a brutal spectacle having its roots in political naivety, ignorance of history, and wholly misguided immigration policy. Does that sound familiar? It should, because it aptly describes not only to the French government, but the sitting U.S. administration as well.

If you are of the mind of, “…it can’t happen here” then you are sorely deluded. The apparatus to launch a Paris-style bloodbath is already in place here in the United States. All these determined terrorists are waiting for is the go-head from their higher headquarters.

We may be only hours or even moments away from the news that dozens if not hundreds of Americans – just like you and your family – are laying dead or dying in a heap on the floor of some sporting, shopping or entertainment venue. We may be only hours or even moments away from hearing about how the police are looking for “…a few extremists” responsible from the carnage.

It’s not a question as to whether this is going to happen here, because it will. The real question is whether you are prepared to stand and protect what is yours. Are you prepared and able to defend yourself and your family? When the inevitable moment of truth arrives, are you willing to stand and fight or will you be content to play dead – hoping desperately that it is not your day to die?

The survival of you and your family is not mere fodder for some analysis of the war on terror – it’s a cultural imperative. As an American, you are very fortunate that you have a formula for survival and it’s called the Second Amendment. However, the power of any right is directly proportional to how vigorously it is exercised. Left unattended, the rights you enjoy under our Second Amendment will wither away.

To better the chances of survival for you and your family, the Illinois State Rifle Association urges you to do the following:

1. Make sure every person in your family holds a FOID card and that all eligible family members hold Illinois concealed carry permits.
2. Assemble a family defense arsenal consisting of one or more semiautomatic rifles such as the AR-15; one or more 12-gauge pump action shotguns, and one or more semiautomatic handguns. If you do not have a family defense arsenal, this is a good weekend to begin putting it together.
3. Be sure that you and every member of your family have had sufficient training in the use and field servicing of the weapons in your family defense arsenal.
4. Be sure that you have sufficient quantities of the proper ammunition on hand to defend your family.
5. Resolve this weekend to get yourself and your family into a physical training regimen. Your physical conditioning may be the difference between life and death during a Paris-style attack.
6. Encourage your extended family and friends to develop plans for protecting self and family from the threat of terror our government takes so lightly.

You have to understand that this is not a battle you can hire someone else to fight for you. When the time comes, you may very well find yourself standing nose to nose with a guy intent upon obliterating you, your culture, and everything you hold sacred.

Are you prepared?

Disturbing. Yet nothing to scoff at, as I too believe it’s only a matter of time before a major terror attack is launched by jihadists against the U.S.

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

Sources:

“8 killed, 20 wounded in Thanksgiving weekend shootings across Chicago.” Sun-Times Media Wire. 30 Nov. 2015. (http://www.fox32chicago.com/news/crime/54615863-story). 1 Dec. 2015.

Janssen, Kim. “Michigan Avenue Black Friday protests cost stores 25-50 percent of sales.” Chicago Tribune. 30 Nov. 2015. (http://www.chicagotribune.com/business/ct-black-friday-mag-mile-fallout-1201-biz-20151130-story.html). 1 Dec. 2015.

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Chicago’s Property Tax Hike To Hammer Small Business, Renters?

Looks like my girlfriend and I may have dodged yet another bullet moving out of our Chicago rental when we did (no pun intended). Hal Dardick and Bob Secter reported on the Chicago Tribune website yesterday morning:

Mayor Rahm Emanuel has framed his record $588 million property tax hike plan around the notion that it will include breaks for those of modest means, but hundreds of thousands of renters who fit that description are still likely to pay more because they can’t benefit from the mayor’s safeguards.

The mayor has vowed to make sure “that the burden is borne by those who can best afford it,” evoking images of thriving downtown businesses and fancy high-rise condominiums. But also in the crosshairs of the tax hike would be mom-and-pop businesses and a large number of apartment dwellers whose landlords typically build property tax expense into the rent

(Editor’s note: Bold added for emphasis)

I’m not going to steal Dardick’s and Secter’s thunder, so head on over to the Tribune website here to read the entire article (registration required).

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

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Thursday, October 8th, 2015 Business, Debt Crisis, Government, Housing, Taxes No Comments

Gun ‘Control’ Supporters Borrow A Page From Rahm Emanuel’s Playbook

From the Chicago Sun-Times Editorial Board Friday night on the paper’s website:

A young man armed to the teeth kills ten people at a community college in Oregon, and what do the politicians in Washington do?

They put on their saddest faces and go on TV. They shake their heads. They bemoan and decry.

As if that counts for a thing.

Spare us.

Here’s what they should do, right now, every one of them: Pass a law — two good bills are ready to go

(Editor’s note: Bold added for emphasis)

“Two good bills are ready to go…”

Of course they are. I wouldn’t have expected anything less from the gun “control” crowd these days.

You can read the rest of the opinion piece on the Sun-Times site here.


“Rahm Emanuel: ‘Never Let A Good Crisis Go To Waste’”
YouTube Video

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

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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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Chicago Police Reassigning 319 Officers From Desks To Streets

Even before suffering it’s second-worst weekend of 2015 for gun-related violence, Chicago announced the rollout of a new measure to try and combat the carnage. Frank Main and Fran Spielman reported on the Chicago Sun-Times website last Saturday:

The Chicago Police Department will soon move hundreds more officers out of desk jobs and onto the streets to battle the city’s surging violence — the latest in a series of transfers of cops from administrative jobs to patrol in recent years under Mayor Rahm Emanuel.

The department is reassigning 319 sworn officers from administrative positions to boost manpower on the streets without breaking the bank, said Adam Collins, a spokesman for the mayor. Those sworn officers include nurses, detention aides, property custodians and others whose jobs will be filled by lower-paid civilians, Collins said…

(Editor’s note: Bold added for emphasis)

This latest initiative by the City has been tried before. Main and Spielman added later in the piece:

Since the mayor took office in 2011, the police department has previously shifted at least 770 sworn police officers from desk jobs to patrol work

(Editor’s note: Bold added for emphasis)

A couple of questions come to mind here:

1. Why weren’t those 319 administrative positions shifted to the street earlier?

2. At the same time, how will this move affect administrative efficiency at the Chicago Police Department? Should Chicagoans expect a reduced quality of service from the CPD going forward?

3. If this latest reassignment action doesn’t succeed, will CPD middle management be looked at next time around?

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

Source:

Main, Frank and Spielman, Fran. “319 more cops to be moved from desk duty to streets.” Chicago Sun-Times. 19 Sep. 2015. (http://chicago.suntimes.com/news/7/71/972007/desk-jockeys-hitting-street-emanuels-latest-move-boost-police-manpower). 22 Sep. 2015.

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Tuesday, September 22nd, 2015 Debt Crisis, Fiscal Policy, Government, Public Safety No Comments

Chicago Falling To Fourth-Largest U.S. City?

Really not surprised to read of the following. Jon Herskovitz reported on Reuters.com Sunday:

Within eight to 10 years, Houston is forecast by demographers in the two states to pass Chicago, which has seen its population decline for years, as the third-largest city.

Houston is projected to have population of 2.54 million to 2.7 million by 2025 while Chicago will be at 2.5 million, according to official data from both states provided for their health departments. New York and Los Angeles are safe at one and two respectively…

(Editor’s note: Bold added for emphasis)

Herskovitz added Chicago officials weren’t immediately available for comment about the forecast.

Perhaps too busy working out the details for that huge property tax hike that looks to be on its way? According to Greg Hinz over on the Crain’s Chicago Business website earlier today:

City Hall insiders say the goal is to completely exempt the lower half of Chicago homeowners from paying any of the roughly $500 million in higher property taxes the mayor is expected to propose on Sept. 22 in his annual budget speech. The upper half of homeowners would get a partial break, but still pay somewhat more.

If it moves forward in its current form, the plan would whack commercial and industrial property owners with a double shot. They would have to pay their normal share of the $500 million but also pick up what homeowners aren’t paying…

(Editor’s note: Bold added for emphasis)

Like the popular Chicago police blog Second City Cop said yesterday:

Here a tax, there a tax, everywhere a tax tax.

That “tax tax” could soon be arriving at the doorsteps of commercial/ industrial property owners in the “Second City.”

Or soon-to-be “Fourth City” if that prediction pans out.

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

Sources:

Herskovitz, Jon. “America’s city rankings set for Texas-sized shake up; Houston to edge past Chicago.” Reuters. 13 Sep. 2015. (http://www.reuters.com/article/2015/09/13/us-usa-houston-idUSKCN0RD0E420150913). 14 Sep. 2015.

Hinz, Greg. “Who gets socked—and who doesn’t—in Emanuel’s latest tax hike plan?” Crain’s Chicago Business. 14 Sep. 2015. (http://www.chicagobusiness.com/article/20150914/BLOGS02/150919926/emanuel-plan-would-exempt-chicago-homeowners-from-big-property-tax). 14 Sep. 2015.

SCC. “And Another 9%.” Second City Cop. 13 Sep. 2015. (http://secondcitycop.blogspot.com/2015/09/and-another-9.html). 14 Sep. 2015.

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Analysts: Massive Chicago Property Tax Hike Just The Beginning

“And if Chicagoans think this major tax increase is some sort of one-off, well, I know of a certain bridge for sale out east.”

Survival And Prosperity, September 3, 2015

Chicago readers of this blog have been warned the last couple of years that the City of Chicago’s poor financial health means a sustained hunt for much more revenue (new and higher fees/fines/taxes) for the foreseeable future.

And Tuesday, this grim-yet-likely scenario was the focus of a City Club of Chicago luncheon.

Fran Spielman reported on the Chicago Sun-Times website yesterday afternoon:

A $500 million property tax increase will not be enough to solve Chicago’s $30 billion pension crisis or rid the city of the junk bond rating that has saddled the taxpayers with tens of millions in penalties and borrowing costs, analysts concluded Tuesday.

Civic Federation President Laurence Msall and Matt Fabian, a partner at Municipal Market Analytics, offered the grim assessment during a lively panel discussion on city finances before a packed house at a City Club of Chicago luncheon…

Fabian’s conclusion was that, as tough as it will be for homeowners and their aldermen to swallow a $500 million property tax increase, Mayor Rahm Emanuel and the City Council need to bite the bullet even harder

Msall agreed that a $500 million increase that would be Chicago’s “largest in modern history” is “not the full answer and it’s not going to be enough because we’ve dug the hole so deeply” by underfunding pensions and granting benefits that taxpayers cannot afford.

“We are going to have raise taxes very significantly just to pay the interest on the debt we have built up and it’s not going to be enough to save the city of Chicago,” he said…

(Editor’s note: Bold added for emphasis)

Still interested in that bridge?

Head on over to the Chicago Sun-Times website here to read- no, digest- what looks to be in store for the “Windy City” in the coming years.

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

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Chicago’s Financial Reckoning Day Has Arrived

Chicago readers of Survival And Prosperity were warned that the City of Chicago’s poor financial health would result in a sustained hunt for much more revenue (new and higher fees/fines/taxes) for the foreseeable future.

The warnings were constant, and issued over the last couple of years.

So the following headlines on the websites of the two major local papers should not have come as a surprise to the courageous Chicagoans who’ve continued to read this blog on a regular basis despite the steady barrage of depressing news coming out of the “Windy City” lately.

“Emanuel to seek $500 million property tax hike”
Chicago Sun-Times website, September 2, 2015

“Emanuel set to call for largest property tax hike in modern Chicago history”
Chicago Tribune website, September 3, 2015

By the looks of things, Chicago’s financial reckoning day has arrived.

Time to pay the taxman.

Hal Dardick and Bill Ruthhart reported on the Tribune website this morning:

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.

The mayor also plans to push a new garbage collection tax, a new per-ride fee on taxis and ride-hailing services such as Uber and a new tax on electronic cigarettes and smokeless tobacco products…

(Editor’s note: Bold added for emphasis)

The Chicago Sun-Times’ Fran Spielman broke all this down brilliantly last night. The City Hall Reporter wrote:

Sources said the 2016 budget that Emanuel will present to the City Council on Sept. 22 will include a $450 million property tax increase for police and fire pensions the mayor once hoped to shore up with revenues from an elusive Chicago casino.

In addition, Emanuel will ask aldermen to adopt a separate levy of $50 million to bankroll school construction and pay off old projects…

Emanuel has offered to raise property taxes by an additional $170 million for the schools, but only if teachers accept the equivalent of a 7 percent pay cut and the state reimburses CPS for “normal” pension costs…

Together, the increases for both the city and CPS have the potential to raise the annual property tax bill for the owner of a home valued at $250,000 by nearly $700.

(Editor’s note: Bold added for emphasis)

“Home valued at $250,000 by nearly $700.”

Holy crap. That’s some pretty serious coin.


PSA from Alderman Al Czervik, Chicago City Council
YouTube Video

Keep in mind this hit to Chicago property owners doesn’t account for that other recent property tax hike I wrote about on August 27:

There are so many new and increased fees, fines, and taxes being proposed and implemented around the Chicagoland area these days, it’s hard to keep track of all of them. But here’s one Chicago tax hike that’s just been approved that’s making local headlines. Juan Perez, Jr., reported on the Chicago Tribune website last night:

Mayor Rahm Emanuel’s school board on Wednesday unanimously approved a budget that relies heavily on borrowed money and the hope of a nearly $500 million bailout from a stalemated Springfield, with the specter of disruptive cuts in January if that help fails to materialize.

The $5.7 billion spending plan contains another property tax hike — an estimated $19-a-year increase for the owner of a $250,000 home — as well as teacher and staff layoffs. The Chicago Board of Education also prepared to go to Wall Street to issue $1 billion in bonds and agreed to spend $475,000 so an accounting firm can monitor a cash flow problem so acute that Chicago Public Schools mulled skipping a massive teacher pension payment at the end of June…

(Editor’s note: Bold added for emphasis)

So there it is. And if Chicagoans think this major tax increase is some sort of one-off, well, I know of a certain bridge for sale out east. Like I’ve been warning all along, emphasizing it as recent as August 21:

New/higher fees, fines, and taxes, coupled with reduced government services

I also added in that post:

Chicago readers of this blog- what are you planning to do about the crisis? Or, what are you already doing? Maybe you don’t think a crisis exists? Please share your thoughts or experiences in the “Comments” section of this post, as I’d really like to talk more about this going forward.

Not much of a response was received (save for Mihail- thanks buddy). Anyone care to chime in now? Vent a little perhaps? Keep it civil, of course.

One more thing. With the cat out of the bag concerning the property tax hike and renewed attention on Chicago’s fiscal issues, I wonder what the impact will be on Chicago’s housing market (which had some positive momentum) going forward?

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

Sources:

Dardick, Hal and Ruthhart, Bill. “Emanuel set to call for largest property tax hike in modern Chicago history.” Chicago Tribune. 3 Sep. 2015. (http://www.chicagotribune.com/news/local/politics/ct-rahm-emanuel-property-tax-hike-met-0903-20150902-story.html). 3 Sep. 2015.

Spielman, Fran. “Emanuel to seek $500 million property tax hike.” Chicago Sun-Times. 2 Sep. 2015. (http://chicago.suntimes.com/news/7/71/928338/emanuel-seek-500-million-property-tax-hike). 3 Sep. 2015.

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Chicago Property Taxes Hiked As School Budget Passed

There are so many new and increased fees, fines, and taxes being proposed and implemented around the Chicagoland area these days, it’s hard to keep track of all of them. But here’s one Chicago tax hike that’s just been approved that’s making local headlines. Juan Perez, Jr., reported on the Chicago Tribune website last night:

Mayor Rahm Emanuel’s school board on Wednesday unanimously approved a budget that relies heavily on borrowed money and the hope of a nearly $500 million bailout from a stalemated Springfield, with the specter of disruptive cuts in January if that help fails to materialize.

The $5.7 billion spending plan contains another property tax hike — an estimated $19-a-year increase for the owner of a $250,000 home — as well as teacher and staff layoffs. The Chicago Board of Education also prepared to go to Wall Street to issue $1 billion in bonds and agreed to spend $475,000 so an accounting firm can monitor a cash flow problem so acute that Chicago Public Schools mulled skipping a massive teacher pension payment at the end of June…

(Editor’s note: Bold added for emphasis)

My old neighbors on the city’s Northwest Side, in their single family homes that are selling just south of the $350K-mark on average these days, probably aren’t too thrilled to hear about this latest tax hike.

Oh, but it gets “better.” Perez added:

To help patch over a budget gap the district said exceeds $1.1 billion, CPS raised its property taxes to the maximum amount allowed under state law. But CPS may not be done — [Chicago Public Schools chief Forrest] Claypool has floated the idea of restoring a property tax levy dedicated to teacher pensions that would generate an estimated $170 million

(Editor’s note: Bold added for emphasis)

Keep in mind this is just the school’s portion of the Chicago property owner’s tax bill we’re talking about here.

Once again, a couple of bucks here, a couple of bucks there, and all these new and increased fees, fines, and taxes from various levels of government will have Chicago taxpayers going bonkers soon enough.

And Illinois taxpayers- note that bit about:

The hope of a nearly $500 million bailout from a stalemated Springfield…

You too could be on the hook for this debacle.

Head on over to the Chicago Tribune website here to get the full story on this latest tax hike.

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

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Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
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(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
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