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


Sorry, comments for this post are now closed.


* State complies with court order on DD payments
* *** UPDATED x1 *** Question of the day
* Nuding praises Arduin
* YOU Matter to Illinois Credit Unions
* *** UPDATED x1 *** Point, counter-point
* Not there yet
* Will remap reform proposal hurt Democrats?
* Where are they now?
* Putting two and two together
* No excuse for this loophole
* From a "trap" to a "magnet"
* FOP wants override of AFSCME bill veto
* Report: 34,000 losing independent living services
* No movement yet
* Today's number: $58.1 million
* SUBSCRIBERS ONLY - Supplement to today’s edition
* 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

          
        * Rockchip develops Light Work OS, mimics Windows OS
        * [TA Deals] Build a foundation for JavaScript with these free lessons
        * [Deal] Tronsmart Quick Charge 2.0 devices on sale at Newegg
        * Some more press renders of Xperia Z5 leaked, 23MP camera confirmed
        * Vine gets musical upgrade
        * New York City cabs will start using Arro to compete with Uber
        * Metallic variants of LG G4 launched in India

        * White Sox 1976 uniforms worth revisiting ... with a tailor
        * Rodon keeps rolling as Sox top Mariners
        * Eaton spark plug for Sox with key hits, hustle
        * Walker, Danks to duel for 2nd time this week
        * Rodon keeps rolling as Sox top Mariners
        * White Sox 4, Mariners 2: Dressed for success
        * Sox don 'interesting' 1970s throwback uniforms

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


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

        Archives
        August 2015
        July 2015
        June 2015
        May 2015
        April 2015
        March 2015
        February 2015
        January 2015
        December 2014
        November 2014
        October 2014
        September 2014
        August 2014
        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


        * Woman accused of killing puppy agrees to smaller jury
        * Lottery winners don't get largesse, but get left out
        * Emmett Till relatives gather at boy's grave 60 years later
        * Confirmed Legionnaires' disease cases at vets home now at 23
        * Cash-strapped Illinois: Can't do 'impossible' on payments
        * Testing shows high levels of bacteria in Chicago River
        * Authorities ID 2 who died in hazardous materials incident
        * EXCHANGE: Joliet park renamed for fallen soldier
        * Rauner signs bill allowing township government to dissolve
        * Drivers urged to plan for downtown Chicago roadwork, closure

        * Rauner signs bill allowing township governments to dissolve
        * Budget consultant may get second contract extension from Rauner administration
        * Judge will privately review disputed Schock documents
        * Budget expert leaves Illinois without state spending plan
        * Gov. Rauner approves Springfield railroad oversight commission bill
        * Federal judge blasts Illinois for not making all ordered payments
        * Rauner approves rail commission bill
        * Illinois State Fair manager: Past fair attendance numbers were inflated
        * Buchen: Past state fair attendance numbers were inflated
        * Health Central makes preparations to open Springfield's first medical marijuana dispensary

        * Baxalta in talks to buy drugmaker to bolster independence
        * Watch out, Midwest pests: This London company is coming for you
        * Jackpot? Not. Cash-strapped Illinois can't pay biggest winners
        * Swedish drugmaker Meda mulls sale of U.S. assets
        * One job: Sandwiches. Two joints that do it right


          * Parents killed, 3 kids hurt when van hit by suspected drag-racers, police say
          * Man critically wounded in South Shore drive-by
          * Illinois lottery winners have to wait for payout due to budget impasse
          * After fire destroys memorabilia, Second City seeks memories with #SecondCityFamily
          * West Chicago woman pleads guilty to stealing from school groups
          * Water main break in Fulton River District
          * Loop fire causes Hazmat response
          * Armed robbers hit Oak Lawn bank
          * 8 treated for Legionnaires' disease at Quincy veterans home
          * Salvation Army opening big new campus in Humboldt Park


          * Rauner signs bill allowing township governments to dissolve
          * Our Opinion: Ducking sunshine in the digital age
          * E.J. Dionne: Trump's video game mastery
          * Esther Cepeda: Don't bake your DNA
          * Junaid Afeef: American Muslims can't tackle ISIS recruitment alone
          * Budget consultant may get second contract extension from Rauner administration
          * Judge will privately review disputed Schock documents
          * J. Fred Giertz: Illinois government: dysfunction by incompetence or by design?
          * Bernard Schoenburg: Tom Madonia Jr. may run against Rep. Sue Scherer
          * Write to us: Tell us your volunteer story


          * Video: Brandon Wildman Preseason Player of the Year Interview
          * Ronda Holliman sworn in as associate judge
          * Champaign County's newest judge sworn in
          * Colorado theater gunman's sentencing caps grueling trial
          * 08-28-15 Penny for Your Thoughts
          * 08-28-15 Jeff Ingrum Health Alliance Medical Plans
          * #SundaySneak: Parmalee heads to C-U with momentum
          * Aug, 31 Bob Asmussen chat
          * Rauner signs bill allowing township government to dissolve
          * Officials seek cause of fatal hazardous materials incident near Chicago


          * Broncos sign tight end Dan Light of Fordham
          * USDA to approve Simplot's genetically engineered potato
          * Ex-senior at elite New Hampshire prep school acquitted of felony rape, guilty of misdemeanors
          * New law curbs lame-duck appointments
          * Affectionate story, lovely songs propel crowd-pleasing 'October Sky'

          * House lawmakers overcome hurdle on key tra...
          * Rodney Davis talks funding with Bloomingto...
          * The agency that fought Illiana gets a new ...
          * Rep. Dold takes educational cruise down Ch...
          * Lawmakers decry high turnover rate of VA h...
          * CBD Oil, and politics
          * Simon considering state Senate bid
          * Killer Congressman Tom MacArthur trying to...
          * Shutdown? State may not notice
          * Rep. Bob Dold

          * Protest over GMOs - RiverBender.com...

          * Business Wire - Virtual-Strategy Magazine...
          * Senator Kirk Explores Healthcare Innovatio......
          * Senator Kirk Explores Healthcare Innovatio......
          * Roll Call: GOP Spending Early To Defend Se......
          * Kirk's staff holds mobile office hours tod......

          * Positive Loitering Tonight, 7pm-8pm
          * The Most Important Question About Abortion
          * Dold No. 1 in nation for Wall Street backing
          * Proft: Gambling With Illinois' Future
          * Chicago home healthcare owners accused of defrauding Medicare $6 Million
          * IAR members featured in NAR video on affordability
          * Morning Minute: U.S. Pending Home Sales Move Higher in July
          * Friday photo: Globalization and the architecture of “triple echo McMansions”
          * The Iran Deal Leads to War. There Is a Better Way.
          * Painkiller prescriptions soon to have combination cap locks in Illinois


          * Governor Rauner Requests SBA Assistance for Grundy, Iroquois Counties - Declaration would help people and businesses affected by summer storms with low-interest, long-term loans to help with recovery
          * Respiratory Illness at Illinois Veterans’ Home-Quincy
          * Governor Takes Bill Action
          * Honoring Illinois' Fallen - United States and Illinois flags at half-staff from Sunrise, Thursday, August 27, 2015 until Sunset, Saturday, August 29, 2015.
          * Honoring Illinois' Fallen - United States and Illinois flags at half-staff from Sunrise, Friday, August 28, 2015 until Sunset, Sunday, August 30, 2015.




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