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.