The changes to the bill by Illinois' House Speaker and Mayor Rahm Emanuel remove controversial language requiring a Chicago property tax increase to ease the city's pension crisis. But the changes may end up being more political than practical.
Illinois Gov. Pat Quinn won’t say whether he backs a partial fix to Chicago’s troubled pension systems. The blueprint from Mayor Rahm Emanuel would raise property taxes by $50 million a year for the next five years.
Political deal-making and market flops have certainly contributed to Chicago’s $19.5 billion public pension crisis. But as Mayor Rahm Emanuel hunts for solutions, experts say one thing must change: Illinois’ archaic, “one-of-a-kind” pension math that may have set Chicago up for failure decades ago.
Cable TV customers could end up paying more as part of Chicago Mayor Rahm Emanuel’s plan to help balance a nearly $339 million budget deficit next year.Emanuel’s administration hopes to bring in $9 million in 2014 by raising the city’s amusement tax by two percentage points on cabl
Despite a federal lawsuit, Chicago Mayor Rahm Emanuel said Wednesday he will move forward next year with a plan to phase out taxpayer-funded health care subsidies for tens of thousands of retired city workers.