As Mayor, I will seek to enhance city revenues through organic growth of our local economy.
I am looking at a wide array of options for dealing with the massive structural deficit facing the City. These include reforming TIFs (Tax Incremental Financing) and restoring the revenues they I am looking at a wide array of options for dealing with the massive structural deficit facing the City. These include reforming TIFs (Tax Incremental Financing) and restoring the revenues they
Aside from conducting a forensic audit to cut waste, inefficiencies and excesses, I will explore other revenue sources including progressive tax increases that protect low-income residents from
unfair cost burden including those that target large corporations and luxury services and products.
As taxpayers we are entitled to a great deal more federal funding than we are getting. I would make sure that we pursue and capture all the federal and state dollars we are leaving on the table. The City of Chicago ranks near the bottom of the list of states receiving their share of federal funding, ranking 44 out of all 50 states in per capita return on tax dollars for FY09. Additionally, we are leaving TIF revenue on the table. For next year, we could tap for the city’s corporate budget $30 - $50 million in TIF funds--which represent a percentage of unobligated and unprogrammed dollars currently available in the TIFs. When we tap these surplus dollars, we would also trigger the return of other surplus dollars to the public schools, the parks, and other taxing bodies, according to an established formula. I have proposed that we consider a new Speculator’s Tax, which would be a tax on the biggest and richest investors on LaSalle Street. Such a tax which would recoup tax revenue from stock market transactions. Finally, under a “fair share” initiative, I would look at drawing down from private entities fair payment for city services. City services, such as water and police protection, are currently financed by city taxpayers. It is time that developers, utility companies, concert promoters, and others begin to help cover city costs. I do not support a property tax hike, and I am opposed to taxes that unduly burden low-income and middle class families.
Naming Rights for Schools and Public Buildings (excluding City Hall).
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