* So, the question becomes, where the heck does the governor expect to find hundreds of millions or even billions a year to fund this idea?…
Gov. Pat Quinn is offering a possible new solution to Chicago’s pension crisis suggesting the state could do more to share revenue with local municipalities.
Following a City Club of Chicago luncheon today, Quinn told reporters that a discussion needs to happen over giving local municipalities a larger percentage share of the state’s revenue. That means that the percentage of state money Chicago or other muncipalities receive from the state would increase. Quinn said the plan would work through his budget proposal, which called for an extension of a income tax hike as well as a $500 property tax rebate.
“I believe in that. I think that’s a good way to help local units of government and the school districts to some extent reduce their reliance on property taxes,” Quinn said. “That has to be one of our foremost missions in Illinois. The property tax collects more money every year than the income tax and sales tax combined. I want to reduce our property taxes.”
Killing off the $700 million “property tax relief” plan would be a start, but even that may not be enough.