Chicago Taxpayers Face Heaviest Burden Among 10 Most Populous US Cities: Report
Windy City taxpayers face a much higher unfunded tax burden than those living in any of the nation’s other most populous cities, including New York, according to new calculations by Truth in Accounting (TIA).
“The City of Chicago is in significantly worse financial shape than it might first appear, and its taxpayers face the highest taxpayer burden in the country,” the Chicago-based nonprofit said in a report titled “Taxpayers on the Hook,” which was made public May 11.
The new TIA report updates one released earlier this year that had found Chicago ranked second to New York City among the nation’s 10 most populated cities for the unfunded tax burden it imposes on local taxpayers. The new report offers a more comprehensive calculation of what the unfunded obligations actually are for each taxpayer in each of the 10 cities by including data for official subsidiaries.