We stumbled across this quotation from a letter to the Chicago Tribune dated February 26, 2006:
". . . At one time, property was the driving force in the economy, creating wealth and producing incomes. Since property is no longer the force driving the economy, it can no longer be the main force driving tax revenues.
The first step to fixing the system is to substantially reduce the over-reliance on property taxes. The lost revenue needs to be replaced with a tax that covers all economic activity. Only when the property tax is no longer holding up the whole house will we be able to make the necessary major repairs."
James M. Houlihan
Assessor
Cook County
Chicago
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