Mayor Rahm Emanuel on Tuesday unveiled his proposed 2016 budget. Included is a $543 million property tax increase that would be phased in, beginning with a $318 million hike this year. Fees on garbage collection and ride-sharing services – including taxis – and a new tax on e-cigarettes aim to plug the city's budget hole.
Mayor: ‘We have to right our financial ship’
Mayor Rahm Emanuel will soon unveil his 2016 budget, which is reported to include a $500 million property tax increase. A panel of aldermen reacts to the proposal – which the mayor says isn't enough to cover Chicago's budget woes – and discusses other ideas for possible city revenue streams.
A plan to exempt low- and middle-income homeowners from the coming city-wide property tax hike runs into some resistance. Just who would benefit and who might bear more of the tax burden under the plan? Paris Schutz has the story.
Since news leaked last week that Mayor Rahm Emanuel is considering a record high property tax increase of $500 million, the mayor says he’s confident the City Council will stand with him and his plan to overcome the city’s massive financial hurdles. Tonight we’ll ask aldermen to sound off on the property tax increase and other tax proposals.
Mayor Rahm Emanuel is reportedly considering a $500 million property tax hike—one of the largest in the city’s history—to help pay police and fire pensions and construction projects for Chicago Public Schools. The tax increase is expected to be included in the mayor’s 2016 budget. We examine what’s reportedly in Emanuel’s budget and what it means for city residents.
The mayor and top city officials are speaking to the public at this hour in the first of a series of town hall meetings on the city budget. That budget could be as much as $754 million out of whack thanks to escalating pension costs. Higher taxes and fees are almost certainly inevitable, the question is which? How are residents responding to the shortfall? Paris Schultz joins us live from Malcolm X College.
If you have any ideas about how Chicago can come up with more than $750 million to help balance its budget—then the city wants to hear them. Mayor Rahm Emanuel's office today announced three town hall meetings as he prepares to unveil his 2016 budget to the City Council on Sept. 22.