Chicago's pension systems for municipal workers and laborers already have been restructured, reducing benefits, but the city has yet to identify where it will find the revenue to sufficiently fund those systems. Under what circumstances would you support a property tax increase to raise the needed revenue for the fire and police pensions and/or the municipal workers and laborers pensions?Budget
I would only support a property tax increase to fund the pension systems after all other options were exhausted. That includes an internal overhaul of the administration of the various pension systems. Municipal Employees and police pension funds pay substantially less in management fees than do the firefighters and laborers pension funds. We must Improve investment returns and reduce the millions of dollars in fees paid to investment managers.
No response provided
I do not support a tax increase to fund the pension system. These systems should have been properly funded and we cannot now pass along the improper management to our tax payers. The mismanagement and underfunding of the pension system is the fault of poor leadership and government and the solution should be found by cutting from the budget.
None, currently. The state does not act quickly enough on the legislative matters that would be required to increase property taxes. Our bills are due now, and we simply cannot afford to kick the can down the road while waiting for the Legislature to approve a tax hike. Furthermore, with the other items outlined above, we may not even need to increase property taxes, so long as we spend our money wisely.
I have always said that raising taxes should be a last resort to tackling the pension crises. As I have done with other pension deals reached over the last four years, we will look for all available reforms and savings before considering a tax increase.