Chicago is facing an unprecedented budget crisis thanks to a massive increase in pension payments. In order to solve the problem, Chicago’s mayor Rahm Emanuel has proposed the largest property tax increase in city history.
Unless local and state governments act now, a tsunami of underfunded public pension plan obligations will soon rush ashore and drown taxpayers with tax hikes and crippling debt.
While half dozen states are considering proposals to do away income or corporate taxes Minnesota’s tax and spend Governor Mark Dayton is proposing to increase taxes significantly. No one is…