Chicago Won't Tax Its Way Out of This Mess.

According to an article in the Wall Street Journal, Chicago is facing a significant debt burden, with IOUs totaling $43,000 per taxpayer. The city has been spending more than it collects in revenue, and raising taxes is not seen as a viable solution. Chicagoans rank taxes and public safety as their top concerns, with many believing that the tax situation in the city is worse than in other places. The article suggests that expanding Chicago's tax base by attracting more people and businesses to vacant buildings and neighborhoods may be the real solution to the city's financial challenges. [Extracted from the article]

Copyright of Wall Street Journal - Online Edition is the property of Dow Jones & Company Inc and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)