Because you can’t cut expenses. Chicago Mayor Lori Lightfoot: ‘No question’ city will need more tax money from residents.
Chicago Mayor Lori Lightfoot on Wednesday said there’s “no question” residents will need to pay more in taxes or fees to plug a looming city budget shortfall estimated at more than $700 million.
Sales tax is over 10 percent in Chicago, or it was the last time I was there. And the city lot wanted to charge me $21 per hour park next to the Art Institute.
And to be fair, a lot of things – mostly pensions – she can’t cut, not without declaring bankruptcy.
Emmanuel raised property taxes $588 million, and also raised water/sewer bills $233 million. The middle class is (once again) abandoning Chicago, for the somewhat lower tax suburbs at least.
So will squeezing harder actually result in any net revenue? When the wealthy start to leave, then the city will enter a financial free-fall.