Perfect Storm of Taxes
- Chicago already is one of the most expensive cities in the world -- No. 7, according to a report by financial firm UBS.
But the cost of living soon could rise even more, if Chicago Mayor Rahm Emanuel gets his way.
The Windy City mayor is pushing a $500 million property tax increase, the largest in the city's history, as a way to balance an almost $700 million deficit.
On top of that, surrounding Cook County just raised the sales tax to the highest in the nation, at 10.25 percent, while considering a hodgepodge of other fees. And the state of Illinois faces its own budget crisis, and will likely need to raise taxes to get out of it.
"There is almost a perfect storm of tax increases coming forward in Chicago," said Laurence Msall of the Civic Federation. "And people who live in the city are in a state of shock."
What was that definition of insanity? Doing the same thing over and over and expecting a different result? Rahm is right there with the democrats Tax-and-Spend playbook and he's nailing it step-by-step. Detroit is right around the corner.
Labels: city politics