An “Audible Gasp” Was Heard When The Chicago Fed Unveiled Its “Solution” To The Pension Problem – ZeroHedge

Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.

Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had.

Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.

via An “Audible Gasp” Was Heard When The Chicago Fed Unveiled Its “Solution” To The Pension Problem | Zero Hedge