Homeowners in the Windy City will be hit especially hard under Rahm Emanuel’s suggested property tax increase of more than half a billion dollars. Everyone else is feeling the pinch from the nation’s highest sales tax, which now tops 10 percent.
The Chicago Civic Federation’s Laurence Msall echoed the concern of many locals:
There is almost a perfect storm of tax increases coming forward in Chicago, and people who live in the city are in a state of shock.
Msall noted that the added revenue will be used to “pay the unfunded pension liability and perhaps the debt on the interest that the city’s already generated,” while doing nothing to raise the standard of living for Chicagoans.
Among the other tax proposals before city leaders are a luxury tax, which would increase the cost of items like jewelry, and a garbage collection tax.