Salary and Pension Hikes Far Beyond Inflation Account for Most of Chicago Property Tax Raise – WP Original
By: Mark Glennon* How could a city that seems so prosperous be so broke? Why the big tax hikes? Aside from pensions, the most obvious reason is average pay increases far beyond inflation. Those excess pay increases account for over half of Chicago’s proposed $588 million property tax increase. And as for pension benefit hikes exceeding inflation, well, you better sit down. Let’s look at just police and fire salaries. Suppose average pay was the same today as in 1985, adjusted upward only for the Consumer Price Index. Understand that this is average salary across the