About 20.6 percent of Chicago-area-homeowners were “underwater” on their mortgages in the third quarter, according to a Zillow report released this morning, down from 25.3 percent during the same period a year ago. Only Las Vegas was higher.
Illinois' wealthy don’t need defending. They know how to take care of themselves just fine. But don’t assume that a tax hike on them will be a free lunch for the rest of us. If too many wealthy leave, our reform-shunning legislature will only have one place to make up for the loss in tax revenues: Illinois' middle-income earners.