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America’s 10 largest cities, largely Democrat strongholds, are drowning in municipal debt, according to a new report from government watchdog Truth in Accounting.

The report sought out “to determine what … overlapping financial entities mean for taxpayers’ bottom line.” Truth in Accounting said its purpose was to “calculate the various bills (and surpluses, when available) at the city government level and divide them out to determine a per-Taxpayer Burden.”

The two cities with the highest burden: Chicago and New York City; Chicago’s combined taxpayer burden: $119,110; New York City’s combined taxpayer burden: $85,600.

Chicago has been a hotbed for such burdens.

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.

  • 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 ​​​​​​

Forbes reported that the city’s taxpayer burden is attached to unfunded retirement obligations amassed over of a number of years: $39 billion in retirement benefits have been promised; $28 billion in pension and $842.9 million in retiree health care benefits haven’t been funded.

Lower in debt were Los Angeles and Philadelphia; Los Angeles’ combined Taxpayer Burden: $56,390; Philadelphia’s combined Taxpayer Burden: $50,120.

“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.

The report questioned if cities’ annual financial reports “comprehensively track municipal accounts such as school districts, transit agencies, utility systems, etc.”

Annual financial reports “for a city doesn’t present the full picture of their fiscal position, and is deceptive to the public,” the report said.

Founded in 2002, the mission statement of Truth in Accounting is “to educate and empower citizens with understandable, reliable, and transparent government financial information.”

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6 Comments

6 Comments

  1. Richard

    May 15, 2019 at 2:17 pm

    They need to check Nassau County where real estate tax burdens are over the top. Especially since Laura Curran, Nassau County executive reassessed properties. My real estate taxes are projected to go up over 50%. Can’t live here anymore on social security.

  2. abolishliberalism

    May 15, 2019 at 2:46 pm

    Oh yeah? Wait till you see whats going on is CT! Chicago may be the highest taxed “city” in the country but the State of CT which is probably smaller than the city of Chicago will be the highest taxed state in the country! All this and Tolls on every one of our highways as well! Yes, our voters are amongst the dumbest in the world, after 8 years of one moronic dem. governor who did everything he could to put the state as deep into debt as he could, our voters went and elected ANOTHER democrat who will prove to be even worse!

  3. N

    May 15, 2019 at 3:21 pm

    ‪Under President Trump, best economy in decades, lowest unemployment numbers for Blacks and Hispanics EVER (women in 15years) Best president ever, President Trump!‬ Under Obama/Demoncrats the country was going to hell in hand basket!

  4. N

    May 15, 2019 at 3:22 pm

    Communism/new green deal makes as much sense as AOC/Bernie and their NAZI Commie Muslim Demoncrats libs minions & RINOs do! That’s why it fails every time it rears its ugly head!Stop U.S. from becoming another commie shit hole like all the lib run states!

  5. Henry

    May 15, 2019 at 4:52 pm

    All of them are hellholes. HIGH taxes. HIGH crime. MASSIVE debt. People are leaving CA and NY in droves. Many cities are becoming ghost towns. Do remember, they are ALL run by Democrats. Their cities and States is what they want for America.

    Their ONLY goal is to fundamentally transform the USA into the MSA. The Marxist State of America. Deny it if it makes you feel better. REALITY is otherwise.

  6. Brokengirl55

    May 16, 2019 at 12:43 am

    Illinois is taxing itself out of existence. The corruption here is so deeply in bedded I don’t believe it could ever be fixed. The state is going to be a ghost town in a few years.

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