Dec 12, 2007 10:06 am US/Central
County Board Holds Public Hearing On Tax Plans
Board President Todd Stroger Has Said Tax Hike Is Necessary To Balance 2008 Budget
CHICAGO (CBS) ―
A public hearing is underway where Cook County residents are voicing their opinions on the proposed tax hikes on electricity and natural gas.
The County Board Finance Committee began the public hearing at 10 a.m. Commissioners are still dealing with a $239 million funding shortfall in the 2008 county budget, which board President Todd Stroger says must be plugged with new revenue from a tax hike.
In his budget proposal, Stroger asked the board to pass a sales tax hike, which would raise the sales tax in the county to 11 percent – the highest of all major U.S. cities.
The plan also calls for doubling the county gasoline tax from 6 to 12 cents a gallon, and doubling the county parking tax. A monthly parker paying $30 in taxes would pay $60.
Stroger's proposed tax hikes would actually bring in more revenue than is needed to balance the budget. The sales tax increase, if enacted, would bring in $142.2 million during 2008, and $460 million a year after that.
Other commissioners have argued that the budget should be balanced through cuts. Commissioner Tony Peraica (R-16th) proposed a budget amendment to cut the budget 2 percent across the board, but it failed.
State law requires the County Board to pass a balanced budget by the end of February.
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