Powerful Emanuel Ally : City income tax should be on the table

The Chicago Sun-Times reports:

Chicago needs so much new revenue to solve a $30 billion pension crisis and shed its junk bond rating, it’s time to consider imposing a first-ever city income tax, according to one of Mayor Rahm Emanuel’s staunchest City Council supporters.

Ald. Joe Moore (49th), newly-elected chairman of the City Council’s Housing Committee, acknowledged a city income tax that applies to all wages earned in Chicago — whether by city residents or suburbanites — would need to be authorized by the Illinois General Assembly.

Unlike the state income tax, which is based on a flat rate, Moore favors a graduated city income tax. If it’s legal, that would make it a little less controversial, but not much.

But Moore said Chicago is in such desperate need of new revenue to shore up police, fire and teacher pension funds and restore its bond rating, no one tax increase would generate enough money to solve the entire problem.

The great moments of Blue America.