The state of Illinois and the City of Chicago are both broke. Like Greece, the Democrats(Socialists) in both places have given more away than the taxes can support.
In the city of Chicago, figures show the property taxes must be increased by 30%, or more, to keep the system afloat in the short-term. The local ABC affiliate ran a story on the problem. Charles Thomas, a long-time TV news reporter, conducted an interview with a labor attorney named Tom Geoghegan.
Preceding that interview was a recap of the deficit and the challenges of raising taxes. Then came this.
But, labor attorney Tom Geoghegan says the state needs to generate more revenue and should do so with a progressive income tax.
“You can tax the people who can afford to pay at a higher level,” Geoghegan said.
And Geoghegan says low-tax Chicago is losing population because people move to higher tax cities and suburbs where public services are better:
“By keeping property taxes low we’re emptying out the city,” Geoghegan said. “Middle class people will go. The poor who don’t have assets and money will stay and the schools will get worse and worse.” (Tom, do you have any idea what happened in Detroit when they did this?)
There you have it. Chicago is losing middle-class population taxpayers because the property taxes are too low. What can I say?
