Chicago Faces Record Tax Hike as Pensions Compound Deficit

Updated on
  • Mayor Emanuel will pitch $588m property tax hike on Tuesday
  • City is facing $426 million deficit, $20 billion pension gap

Chicagoans are bracing for the biggest property tax increase in the city’s history as Mayor Rahm Emanuel contends with a budget shortfall and soaring retirement bills that have sent its credit rating tumbling.

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