Chicago Mayor Lori Lightfoot: 'No question' city will need more tax money from residents

Chicago Tribune ^ | June 12, 2019 | Gregory Pratt

[george76]

Chicago Mayor Lori Lightfoot on Wednesday said there’s “no question” residents will need to pay more in taxes or fees to plug a looming city budget shortfall estimated at more than $700 million.

Lightfoot made the comment, without elaborating on specifics, after her second City Council meeting, when she was asked about a campaign promise to find budget cuts before seeking a property tax increase.

...

There’s no question we’re going to have to come to the taxpayers and ask for additional revenue

...

Lightfoot took office last month facing a gaping budget hole in the next fiscal year

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It had been expected that when Lightfoot took office and prepared her 2020 budget, she would have to come up with a combined $528 million in tax increases and budget cuts. But last month, officials in former Mayor Rahm Emanuel’s administration said the shortfall would be worse because of costs previously covered with expensive borrowing practices and the city’s pension investments performed badly at the end of 2018

...

By 2023, Lightfoot will need to come up with nearly $1 billion in additional annual pension payments.

[precisionshootist]

"By 2023, Lightfoot will need to come up with nearly $1 billion in additional annual pension payments."

Somebody has to pay for all these former "public servants" who retired with full pension at age 55.

[LukeL]

To translate Chicago Speak “We have gone over the books and there is no more money for us to skim”

[Equine1952]

“Good Morning Chicago!!!” Now jump up, wind your watch, beat your laundry clean on your rock, rub to sticks together, cook your breakfast, and get to work. Gosh knows we need those tax dollars. Buhwaaaaaaa!!

[ThunderSleeps]

Yet another day and another way I’m glad I don’t live in Chicago.

[bkopto]

Actually, I think I agree with the mayor.

Chicagoans should be paying many more taxed than they currently pay.

[Celtic Conservative]

“I say we nuke it from orbit. It’s the only way to be sure”.

-Cpl. Hicks

[Truthoverpower]

Economics works

Socilsm doesnt

[llevrok]

Dont you wonder why the effort and creativity to find needs for more taxes would be applied to ways to reduce spending?

[Mr. Blond]

Too many takers.

[Equine1952]

Boom! Chicka boom! Dontcha just love it? Chicka Boom! Dontcha just love it? Chicka Boom Boom Boom! My theme song if I was leaving Chicago.

[PGR88]

This is why the Federal Reserve must prop up the stock market and engage in QE at all costs.

Raise interest rates at all, have any kind of economic decline - and America’s leftist cities and states are going straight to insolvency. Yeah, Yeah, I know States can’t go “bankrupt.” I don’t know what they will call it when they stop paying their bills, but just watch and see.

[Mark]

No question, Chicago will continue to vote in Litards. NO QUESTION

[mrsmith]

Interestng.

[Mark]

I wonder if it gets that bad as you say, Trump executive order, with okay from Supreme court, to appoint fiscal republicans as Mayors, Governors,etc. This to SAVE the UNION and free the slaves(Taxpayers).

[Hildy]

It’s like that in every State.

[Do_Tar]

> There’s no question we’re going to have to come to the taxpayers and ask for additional revenue.

However, when we come to “ask” we’ll be carrying guns. After all we’re The Government.

[DoughtyOne]

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...this is a general all-purpose message, and should not be seen as targeting any individual I am responding to...

Just $428.00 dollars to 98.00%

[dp0622]

I have a gift....

I see MANY bankrupt cities within the next 10 years.

Like I said, it’s a gift.

[redshawk]

However, when we come to “ask” we’ll be carrying guns. After all we’re The Government

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That’s why the IRS has more bullets than the Army.