Rahm Emanuel Thinks A Tax Hike Will Fix Chicago's Budget
Chicago Mayor Rahm Emanuel proposed a more than $500 million property tax hike to balance the city's budget.By Christian Bryant | September 22, 2015
Chicago Mayor Rahm Emanuel revealed his 2016 city budget Tuesday, which included more than $500 million in increased property taxes.
"Chicago is thriving, but the fiscal challenges before us are significant. They threaten our economic future, the ongoing efforts to attract business, and jobs to the city of Chicago," Emanuel said.
In his speech before the city council, Emanuel proposed a $543 million property tax hike over four years to balance the city's budget. That money would go to underfunded pensions, something Emanuel called Chicago's "greatest financial challenge." (Video via WMAQ)