The nation’s ten largest cities -traditionally Democratic strongholds- are currently “drowning in debt” as the tax burden per resident is reportedly skyrocketing under pressure from pensions, government programs, public education, and more.
According to a recent study, the average tax burden in New York City is over $85,000 per resident. In Chicago the combined tax burden is a stunning $119,000.
“The Chicago City Council approved $2.4 billion in tax subsidies for two major developments in early April. Protesters gathered at City Hall chanting against the deals. Critics said the projects are in prosperous parts of Chicago and developers should pay for infrastructure improvements, not taxpayers,” reports Fox News.
- Chicago’s combined Taxpayer Burden: $119,110
- New York City’s combined Taxpayer Burden: $85,600
- Los Angeles’ combined Taxpayer Burden: $56,390
- Philadelphia’s combined Taxpayer Burden: $50,120
- San Jose’s combined Taxpayer Burden: $43,120
- San Diego’s combined Taxpayer Burden: $35,410
- Dallas’ combined Taxpayer Burden: $33,490
- Houston’s combined Taxpayer Burden: $22,940
- San Antonio’s combined Taxpayer Burden: $16,660
- Phoenix’s combined Taxpayer Burden: $13,290
Experts say the massive burden is caused by “unfunded retirement obligations” that have been promised to city workers for decades, with current estimates placing the figure at $40 billion in retirement benefits.
“The largest cities in the U.S. issue so-called ‘Comprehensive Annual Financial Reports,’ but most of them aren’t so comprehensive,” Bill Bergman, Truth in Accounting’s director of research, told Fox News via email.
New York City Mayor Bill de Blasio unveiled his plan to provide healthcare for all residents -regardless of citizenship status- just months ago.
“Health care is a right, not a privilege reserved for those who can afford it,” said Mayor de Blasio. “While the federal government works to gut health care for millions of Americans, New York City is leading the way by guaranteeing that every New Yorker has access to quality, comprehensive access to care, regardless of immigration status or their ability to pay.”
Read the full report at Fox News.
ANTI-AMAZON: New Yorkers Fume, Protest New Amazon Headquarters in Queens
New York City Council Members and furious residents ripped Amazon executives during a high-stakes meeting in the Big Apple this week; blasting the massive tax breaks given by the city and state governments.
“The council members, who have no vote on the project and no apparent path to block it, demanded to know why the city and New York state were offering Amazon up to $2.8 billion in tax breaks and grants to build the new headquarters in the Long Island City neighborhood of Queens,” writes Fox 5.
“We have a crumbling subway system, record homelessness, public housing that is in crisis, overcrowded schools, sick people without health insurance and an escalating affordable crisis,” said Democrat City Council Speaker Corey Johnson. “Is anyone asking if we should be giving nearly $3 billion in public money to the world’s richest company, valued at $1 trillion?”
Amazon executives told the crowd the new project would have a “positive economic impact” of $186 billion over a 25-year period.
Read the full report here.
‘NYC CARE’: Mayor De Blasio to Unveil ‘Free Healthcare’ for Uninsured New Yorkers, Cost $100M
New York City Mayor Bill de Blasio made a surprise announcement Tuesday; effectively “guaranteeing” universal healthcare for “every single resident” living in the Big Apple that doesn’t have insurance.
“New York City will begin guaranteeing comprehensive health care to every single resident regardless of someone’s ability to pay or immigration status, an unprecedented plan that will protect the more than half-a-million New Yorkers currently using the ER as a primary provider,” writes NBC New York.
“This is the city paying for direct comprehensive care (not just ERs) for people who can’t afford it, or can’t get comprehensive Medicaid — including 300,000 undocumented New Yorkers,” spokesman Eric Phillips tweeted.
This is a developing story. Check back for updates.