SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
A city lease tax?

Wednesday, Apr 9, 2014

* Sneed has the scoop

Sneed hears rumbles that a City Council proposal to levy a lease tax on office buildings may be in the mix of suggestions to restore two of the city’s pension funds to fiscal health. […]

“The downtown real estate interests lobbied long and hard against it and won [during the Jane Byrne years], but it could bring in tens of millions of dollars to offset the upcoming $600 million bill to stabilize police and fire pension funds, which don’t have enough assets to cover their liabilities,” the source added.

Mayor Rahm Emanuel’s pitch for a City Council ordinance to levy an additional $250 million in property taxes is going to be a tough vote with anticipated artillery pointed at Emanuel by Aldermen Bob Fioretti (2nd), Scott Waguespack (32nd) and Brendan Reilly (42nd).

“The mayor needs to get the tax to solve the city’s fiscal problems off the back of property owners and figure out a mix of non-property tax revenue sources to get this ordinance passed,” the source said.

* I kinda doubt that this idea will bear much fruit

The governor acknowledged the need for additional revenue to bolster the city’s pension system. But the kind of revenue Quinn discussed Tuesday may not be music to Emanuel’s ears.

“I think it should be a focus on the tax code and giving a full review of all these loopholes,” Quinn said, while declining to offer specifics. “I said yesterday, very clearly, we need to relieve the property tax burden, and I’m committed to that.”

The Tribune’s article called the idea “an old standby that has failed to get traction.” Correct.

- Posted by Rich Miller        


9 Comments
  1. - Langhorne - Wednesday, Apr 9, 14 @ 10:00 am:

    yep, populist pats old playlist — close those loopholes. hasnt worked yet. seven weeks left in session, yeah, lets review the entire tax code.


  2. - funny guy - Wednesday, Apr 9, 14 @ 10:01 am:

    Sell O’Hare–it should bring in $8-10 billion (if Midway can get $2 billion). Per federal law, operating O’Hare CANNOT provide any revenue to the City, so its not like parking meters. After you sell it, the City’s workforce that does O’Hare work can go to work for the private operator–reducing the City’s future pension obligation.


  3. - fed up - Wednesday, Apr 9, 14 @ 10:16 am:

    time to get that casino up and running down at the Old Post office, put video gaming at O’hare and Midway, bite the bullet and legalize and tax weed.


  4. - Robert the Bruce - Wednesday, Apr 9, 14 @ 10:56 am:

    Has the mayor had a tough vote yet and will this really be tough? While I generally agree with them, Fioretti and Waguespack don’t exactly lead large voting blocs. Rahm could count all the votes they control with his right hand.


  5. - dupage dan - Wednesday, Apr 9, 14 @ 10:59 am:

    === seven weeks left in session, yeah, lets review the entire tax code ===

    Piece of cake.


  6. - A guy... - Wednesday, Apr 9, 14 @ 11:05 am:

    ==== Robert the Bruce - Wednesday, Apr 9, 14 @ 10:56 am:

    Has the mayor had a tough vote yet and will this really be tough? While I generally agree with them, Fioretti and Waguespack don’t exactly lead large voting blocs. Rahm could count all the votes they control with his right hand.====

    LOL. Is that 4.5 votes?
    To the post: A “lease” tax? Great for business when we’re competing with other cities, eh? The only way to do this is to run up the middle with your tackles doing what they’re supposed to do. There’s no more room for a razzle-dazzle play here. The Dems get very squeamish when they raise their own taxes. There’s no pretty ending to this one. It’s shaping up as CTU v. City Residents. The undercard was passed yesterday.


  7. - Chris - Wednesday, Apr 9, 14 @ 11:35 am:

    “a full review of all these loopholes,” Quinn said, while declining to offer specifics”

    So, “waste, fraud and abuse”? Brilliant, PQ. Why hasn’t anyone else thought of that?

    “It’s shaping up as CTU v. City Residents.”

    Bahahaha. It’s shaping up as Police & Fire against city residents. The PABF funding deficit is the same size as the CTPF’s, and the Fire deficit is about 50% of that. And CPS has already been actively working on cutting the ‘pension eligible’ headcount (ie charters), and has the Tier 2 caps in place.


  8. - Jake From Elwood - Wednesday, Apr 9, 14 @ 12:21 pm:

    Let me tell you how it will be.
    There’s one for you, nineteen for me.
    Cause I am the Tax Man. Yeah I am the Tax Man.

    If you drive a car, I’ll tax the street. (parking meters, tolls)
    If you try to sit, I’ll tax your seat. (property taxes, lease taxes, entertainment taxes)
    If you get too cold, I’ll tax your heat. (utility taxes)
    If you take a walk, I’ll tax your feet. (just wait)

    And you’re working for no one but me…
    George Harrison had it right, no?


  9. - fed up - Wednesday, Apr 9, 14 @ 1:27 pm:

    Chris,

    Just so you know headcounts at police & fire are down since Rahm took over. Over 1000 less police, also police & Fire hired since 2012 are in Tier 2 pensions. So when your getting robbed and waiting for the police remeber Rahm fiscal plan


TrackBack URI

Sorry, comments for this post are now closed.


* National Review trashes Quinn
* Question of the day
* Rauner mocks new Quinn TV ad
* *** UPDATED x1 *** Rauner releases ag plan
* A third poll shows tighter race
* Topinka continues string of union endorsements
* Smallish potatoes
* Sabato: Rauner now deemed favorite
* Rahm has a point, but...
* Rauner goes to ground in face of corporate inversion questions
* SUBSCRIBERS ONLY - Late news
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

          
        * Galaxy sales drop, OnePlus OneWatch, HTC J Butterfly & more – Pocketnow Daily
        * Amazon Appstore offers 30 free self-improvement apps
        * Moto X+1: here’s our wish list
        * Last chance: Huawei Ascend Mate2 4G LTE giveaway
        * Yet another Galaxy S5 variant expected: Snapdragon 805, but no quad HD display
        * Could it be that the iPhone 6 Apple logo won’t glow after all?
        * Samsung Galaxy Alpha rumors deliver new launch date, spec rundown

        * New Mars Rover Equipped To Perform More Archaeological Digs
        * Amazon Appstore Expands To South East Asia And Other Territories
        * Xiaomi Claims Of Fast Selling Smartphones Now Under FTC Investigation
        * USB Drives Possibly Reprogrammed To Infect Computers
        * PlayOn Delivers Streaming TV To Windows Phone
        * Alleged Nokia Tesla Is Actually The Lumia 1520
        * NFL Players Get Shoulder Pad RFIDs

        * AL Central trade deadline wrapup
        * White Sox 7, Tigers 4: Returning home in one piece
        * Abreu's hit streak reaches 20 with first-inning single
        * Ventura loses replay challenge in ninth inning
        * White Sox take series while Detroit deals
        * Abreu's hit streak reaches 20 with first-inning single
        * White Sox deal ace in series opener against Twins


        Main Menu
        Home
        Illinois
        YouTube
        Pundit rankings
        Obama
        Subscriber Content
        Durbin
        Burris
        Blagojevich Trial
        Advertising
        Updated Posts
        Polls

        Archives
        July 2014
        June 2014
        May 2014
        April 2014
        March 2014
        February 2014
        January 2014
        December 2013
        November 2013
        October 2013
        September 2013
        August 2013
        July 2013
        June 2013
        May 2013
        April 2013
        March 2013
        February 2013
        January 2013
        December 2012
        November 2012
        October 2012
        September 2012
        August 2012
        July 2012
        June 2012
        May 2012
        April 2012
        March 2012
        February 2012
        January 2012
        December 2011
        November 2011
        October 2011
        September 2011
        August 2011
        July 2011
        June 2011
        May 2011
        April 2011
        March 2011
        February 2011
        January 2011
        December 2010
        November 2010
        October 2010
        September 2010
        August 2010
        July 2010
        June 2010
        May 2010
        April 2010
        March 2010
        February 2010
        January 2010
        December 2009
        November 2009
        October 2009
        September 2009
        August 2009
        July 2009
        June 2009
        May 2009
        April 2009
        March 2009
        February 2009
        January 2009
        December 2008
        November 2008
        October 2008
        September 2008
        August 2008
        July 2008
        June 2008
        May 2008
        April 2008
        March 2008
        February 2008
        January 2008
        December 2007
        November 2007
        October 2007
        September 2007
        August 2007
        July 2007
        June 2007
        May 2007
        April 2007
        March 2007
        February 2007
        January 2007
        December 2006
        November 2006
        October 2006
        September 2006
        August 2006
        July 2006
        June 2006
        May 2006
        April 2006
        March 2006
        February 2006
        January 2006
        December 2005
        April 2005
        March 2005
        February 2005
        January 2005
        December 2004
        November 2004
        October 2004

        Blog*Spot Archives
        November 2005
        October 2005
        September 2005
        August 2005
        July 2005
        June 2005
        May 2005

        Syndication

        RSS Feed 2.0
        Comments RSS 2.0
        WordPress

        Loading


        * Gov. Quinn to sign bill in region Friday - The .....
        * Group picked by Quinn administration made no lo.....
        * Fox Valley Park District Board to be elected - .....
        * Fox Valley Park District Board to be elected - .....
        * Medical pot shops are no big deal - Chicago Tri.....
        * Quinn calls for advisory referendum on higher t.....


        * Demoted worker shoots CEO, kills self in Chicago
        * Jewish judge won't give up case of Arab activist
        * Rauner says he'll be 'champion' for farmers
        * Man accused of putting needles in packaged meat
        * 'American Idol' to have auditions at state fair
        * Driver's license site in Belvidere faces eviction
        * Teen who left shoeless from wilderness camp found
        * Remains in Illinois shed are a woman from Decatur
        * Trial set for man accused in toddler's death
        * Chicago mayor defends welcoming immigrant kids

        * Gov. Christie to campaign for Rauner in Chicago
        * State lawmaker's replacement named
        * Rauner says he'll be 'champion' for state's farmers
        * Quinn: Workers' compensation rate to fall in 2015
        * Quinn signs epinephrine law for Illinois schools
        * Governor candidates differ on overseas tax breaks
        * Quinn: State will 'prevail' in Shakman lawsuit
        * Illinois Medicaid restricts use of hepatitis drug
        * Quinn OKs ballot question on tax hike for incomes over $1M
        * Lawsuit against Quinn back in court in October

        * Court zaps ComEd for 2011 storm outages
        * Mondelez C-suite shakeup: Marketing chief heads for exit
        * Biz groups rally behind Kirk measure to renew Ex-Im Bank
        * Joyce Foundation taps Emanuel aide as exec
        * Whole Foods sets opening date for former Dominick's store


        * Berrios’ kin risk injury for right to crowd payroll: Mihalopoulos
        * Man charged with reckless homicide in fatal Edgewater crash
        * Father of slain teen fatally shot in Humboldt Park
        * Bicyclist hit by Metra train in Des Plaines dies
        * Judge, big supporter of Israel, balks at leaving Palestinian terrorism-related case
        * Old tank cars put Chicago at risk
        * Bicyclist hit by train in Des Plaines
        * 2 men, woman stabbed in Aurora home invasion
        * Man charged with stalking ex-wife — a police sergeant
        * Source: Father of slain teen fatally shot in Humboldt Park


        * 3-11 fire reported in Little Village neighborhood
        * U.S. Senate confirms first ambassador to Russia in five months
        * Metra train hits, kills bicyclist on UP Northwest Line
        * Metra train hits, kills bicyclist on UP Northwest Line
        * Sweeping reforms suggested to fix CPS truancy crisis
        * U.S. Congress extends transport funding though May, averting cuts
        * U.S. Congress extends transport funding though May, averting cuts
        * Obamacare subsidy case could be reviewed by U.S. Supreme Court
        * Obamacare subsidy case could be reviewed by U.S. Supreme Court
        * Group picked by Quinn administration made no loans, but kept $150,000


        * Republican Attorney General Candidate: Pension Changes Unconstitutional
        * Some Historic Sites To Curtail Hours Due To Lack Of Money
        * At Historic Sites, Budget Cuts Could Lead To Closures
        * State Fair Manager "Moving Forward" After Ethics Violation
        * Community Prosecutions Credited With Drops In Crime
        * Community prosecutions credited with drop in crime
        * Police responding to shooting in the Loop
        * Demoted worker kills self, wounds CEO in Loop shooting
        * CPD leaves commander in post despite assault allegation, DNA match
        * Business, Labor Leaders Urge Quinn Administration To Finish Fracking Rules


        * Bernard Schoenburg: Changes coming to Prairie Capital Convention Center board
        * Margaret Niederer: Bruce Rauner is not the change Illinois needs
        * E.J. Dionne: The GOP’s impeachment two-step
        * Esther Cepeda: Giving teachers their voice
        * State lawmaker's replacement named
        * Rauner says he'll be 'champion' for state's farmers
        * Our Opinion: Dangerous pedestrian crossing getting the attention it deserves
        * The GOP as the party of reform
        * John Cooney: Lawsuit abuse is a myth spun by big business
        * Quinn: Workers' compensation rate to fall in 2015


        * Open Line
        * Women's basketball moves right along in offseason
        * Asmussen: Trooper's action still being recognized
        * Tate: West won't be a walk for Illini
        * Prairiview-Ogden board OKs budget
        * Gibson City gets grant for lighting upgrades
        * No major improvement for Danville street till 2016
        * Watching the Classics with Grant
        * Murphysboro man arrested on child pornography charges
        * Clinton backers continue to organize


        * Among trade deadline days, MLB is king
        * Forte looking for even more production this season
        * Mixed results for local teams
        * Sky prevails in Delle Donne's return
        * Dogs get carnival all their own in Palatine

        * Schock helps introduce 'full-service schoo...
        * Congressmen Hoyer and Schock introduce Com...
        * Schock and Hoyer Introduce School Bill - C...
        * Case files against Sandi and Jesse Jackson...
        * Rep. Gutierrez decries plan to deport immi...
        * Mystery Loan Lets Ex-Representative Jesse ...
        * Mystery loan lets Jacksons keep both homes...
        * Hispanic Caucus Calling On President To Si...
        * Rep. on immigration: "I think the presiden...
        * Luis Gutierrez Gives Up the Ghost - RushLi...

        * Asian Carp Threatens Enivroment...
        * Asian Carp Threatens Enivroment...
        * Asian Carp Threatens Enivroment...
        * Asian Carp Threatens Enivroment...
        * Asian Carp Threatens Enivroment...

        * Sabato: Illinois Now Leans Republican, Qui......

        * Rauner leads Quinn; is that shocking at this stage of Ill. electoral game?
        * Short Division
        * Glen Brown. How you benefit from our defined benefit pension.
        * What did $4 million buy the state’s unions in the primary?
        * Guest ten minute drawing. Mike Klonsky.
        * Guest ten minute drawing. Jerry Mulvihill.
        * Chicago McDonald's Workers Rally In Response To NLRB Ruling
        * Earned Sick Time Chicago Coalition Delivers Petition Signatures To Mayor's Office
        * Ten minute drawing. Tenure.
        * Comcast. T-shirts. Two million blog hits. Ten minute drawings. August.


        * Rauner Rolls Out Agriculture Coalition and Key Supporters From the Agricultural Community Across Illinois
        * Governor Quinn Signs Law to Expand Health and Wellness Services in Communities Across Illinois - New Steps Will Help Expand Access and Quality of Healthcare
        * Pat Quinn: Patronage Will Prevail
        * Governor Quinn and Company Officials Open Nippon Sharyo Expansion in Rochelle - Passenger Rail Car Manufacturing Plant Expansion Creating 90 New Jobs
        * Governor Quinn Signs Legislation to Expand Life-Saving Measures in Illinois Schools - Expands Epinephrine Law to Protect Illinois’ Students in Life-Threatening Emergencies




            Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller