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An "Audible Gasp" Was Heard When The Chicago Fed Unveiled Its "Solution" To The

• zerohedge.com By Mark Glennon

That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years.

Evidently, that wasn't reality-shock enough. This week the Chicago Fed published that proposal formally. It's linked here.

It surely ranks among the most blatantly inhumane and foolish ideas we've seen yet.

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.


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