By John Dempsey
(CHICAGO) A new report says a coalition of progressive activists and labor unions wants to see a City of Chicago income tax. Crain’s Chicago Business says the group calls itself “ACRE”, which stands for Action Center on Race & the Economy. The group proposes the city tax 3.5 percent of all household income above 100 thousand dollars.
Crain’s says the new revenue would be spent to provide free community college for all, free public transit, a program to alleviate homelessness and free universal early childhood education. It also would go to pay tens of billions of dollars in unfunded pension debt—including annual 3 percent compounded increases in worker benefits.
A news release announcing the proposal criticizes what the group calls “wealthy yuppies” and corporations who “don’t pay their fair share.” The unions who are part of the coalition include the Chicago Teachers Union and SEIU Healthcare Illinois.
Crain’s says the coalition also is proposing to form a municipal bank that would take over the task of investing pension monies and underwriting city bond issues. The group also wants to freeze the size of the Chicago Police Department and substantially cut the department’s budget.
Read the entire Crain’s story here:
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