Chicago Fed economists: Raise property taxes to fund pension liability

By Bill Cameron, WLS-AM News

(CHICAGO)  Three economists at the Federal Reserve Bank of Chicago say the fairest way to retire the state’s gigantic pension liability in ten years to raise residential property taxes statewide.

The idea is a new statewide property equal to 1% of your home value. It’s would be an average 43% property tax hike!

No elected official in his or her right mind would propose it because we already pay some of the highest property taxes in the nation.

But something Speaker Mike Madigan used to say bears repeating here, “Once you convene the members of the legislature in Springfield close to anything can happen! There’s a favorite expression in the law that states no man’s life, limb or property is safe while the legislature’s in session.”

More likely from ruling Democrats in Springfield is some sort of graduated income tax.

Here’s more on the story from Crain’s.

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