The good: It’s the third-largest city in the US, with a diverse economy and a significant tax base. And the city has legal authority to impose taxes—they don’t need voter approval.

The problem: A property-tax payer would see a roughly 60% increase in taxes to pay enough to fund the pensions for all the layers of government. And the city’s taxes are already higher than those of most of its big-city peers and well above the national average.

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Anonymous
5 years ago

Another article that does not even mention legislative pension benefit hikes to underfunded pensions, a practice which escalated after the pension sentence was added to the Illinois State Constitution on December 15, 1970. Just blame the taxing district (and / or state depending on the pension fund) and taxpayers for not contributing enough money to the pension fund, ignoring the legislative benefit hikes by the Illinois General Assembly and Governors that occurred while the taxing district (and / or state depending on the pension fund) was shorting the annual contribution to the pension fund and while the pension was underfunded.… Read more »