Keyword: pension funds

Chicago Hikes Phone Tax by 56% to Pay for Pensions

In an effort to shore up Chicago’s pension funds while avoiding property tax increases, the city is moving forward to increase taxes on cellphones and land lines by 56%. The move, which could cost a family of four an extra $34 per year, was reported to be part of a deal between Chicago Mayor Rahm Emanuel (D) and Illinois Gov. Pat Quinn (D) that will avoid raising property taxes in exchange for Quinn signing a bill that will increase city worker contributions by 29% while limiting benefits.   Read More