Rahm Emanuel Explains Plan To Fix Chicago'sFinancial Issues

Chicago has seen it’s fair share of financial issues from tax hikes to millions in settlements to families of police involved shootings. Mayor Rahm Emanuel announced Tuesday that he’s found a way to combat the city's financial problems by unveiling a proposed budget that would include a tax on plastic bags and money to start hiring hundreds of new police officers.

"Today, I am presenting you a budget unlike any we have seen in recent memory," Emanuel said during his remarks in City Council chambers. "It is a budget free of an immediate pension crisis, free of the black cloud of insolvency threatening the retirements of city employees and the financial future of Chicago."

Emanuel proposed charging more for metered parking at special events at Wrigley Field including games, concerts and other events held there as a"surge pricing" program for drivers who leave their cars near the ballpark on those days. Also he will seek a 7- cent tax on disposable bags consumers use at city stores which would bring in an a additional $9 million a year.   

To compensate the police and fire pensions taxpayers will have to deal with  The $543 million property tax that was set forth a few years back. The tax hike is part of four year plan that was announced as part of the 2016 budget that would prevent Emanuel and other alderman from increasing the hike. So Chicago would see a property tax hike of $109 million dollars in 2017.  Vehicle stickers, and city permit fees will bring will see about $82.3 million in revenue through sales tax.

This all comes on the heels of an on-going Teachers Union preparing to go on strike Tuesday if a deal was not reached. Emanuel reached a deal that would prevent a second strike on his terms by agreeing to allocate funds from the city’s special tax districts.  Emanuel told the council "I would think some people will continue to be critics, but by and large, it looks pretty good.”

However, many people expressed their views regarding the bag tax, because many ward on the southwest borders are easily accessible to other stores who don’t charge for bags can easily shop instead of paying more in Chicago.