Illinois has some of the highest property taxes in the country. Chapter 9 would allow local governments to address the root cause.
“Bankruptcy” is a scary word, but it is a real option for cities in half the states in the country.
There are 24 states that authorize local governments to discharge their debts through Chapter 9 bankruptcy. With many cities suffering under the burden of unsustainable pension promises and reliant on federal funds that won’t be available in the future, Illinois should consider becoming the 25th. Here’s why.
Illinoisans’ property taxes are some of the highest in the country, and a leading complaint for people who want to leave the state. Those property taxes pay for…
