New tax on Chicago residents will fund pension shortfall

chicago mayor rham emanuel
Mayor Rahm Emanuel backed the measure, which implements a new water-sewer tax.

Chicago residents and businesses will face a new tax on their water and sewage usage next year to help shore up a pension fund for municipal employees.

The Chicago City Council approved the new tax Wednesday by a vote of 40 to 10. The measure was backed by Mayor Rahm Emanuel.

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Personal finance news – CNNMoney.com

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