By: Mark Glennon*
It has received little attention, but a bill (HB3695) recently proposed in Springfield would levy a special property tax in Chicago payable directly into the pension for Chicago teachers. It would be matched by a corresponding reduction in funding for the Chicago school system. By levying a tax at the rate of 0.26% on all property covered by the school system, the bill would raise an estimated $160 to $180 million for the pension, which would be taken away from the schools.
A post from the Retired Teachers Association of Chicago in support of the bill is linked here.
The bill has bipartisan sponsorship including House Speaker Michael Madigan (D-Chicago) and Rep. David Harris (R-Arlington Heights).
Chicago schools or Chicago teachers’ pension? Take your pick. They’re both broke.
*Mark Glennon is founder of WirePoints. Opinions expressed are his own.