Chicago Mayor Rahm Emanuel yesterday threw cold water on Gov. Bruce Rauner's suggestion that Chicago Public Schools (CPS) should consider declaring bankruptcy to get its financial house in order, instead returning to the argument that the state should provide relief for the cash-strapped district, the Chicago Tribune reported today. "The idea that you would go to bankruptcy and yet you would leave in place a tax code that has dual taxation on Chicago citizens is wrong," Emanuel said when asked about Rauner's talk about CPS going bankrupt. "Nothing is worse economics and a worse strategy than leaving in place dual taxation on Chicago residents that are the only residents in the state that have to pay twice, and only get the benefit of one teacher." Emanuel brought up the dual taxation argument frequently during the recent mayoral campaign, but it's one that seems unlikely to gain much traction in Springfield. Chicagoans pay for CPS pensions through property taxes and also pay state income tax. The state pays for suburban and Downstate teacher pensions. But critics note that CPS gets a bigger share of state school funding.
