As a sweeping restructuring of the public transit systems in the Chicago area neared an up-or-down vote last week, it was loaded with enough new revenue ideas to fill a progressive’s wish list.
A “billionaire’s tax” on realized investment gains? Check. Expanded real estate transfer taxes? Those, too. Taxes on delivery services and concert tickets, a congestion tax and a ride-share tax? Of course.
The Tribune’s editorial board reacted with dismay and called for them to scrapped.
And so they were — for more than one reason.
For starters, the so-called fiscal cliff the Regional Transportation Authority warned about in May turned out to be smaller than advertised. Instead of a looming $770 million deficit, as projected, a revised estimate of next year’s projected deficit came in at around $200 million as final-round negotiations approached this fall.
