Saturday, August 13, 2011

Three unrelated things

Tax Increment Financing - TIF is a method to use future gains in taxes to finance current improvements (which theoretically will create the conditions for those future gains). definition from wikipedia as of Aug. 13, 2011.

School tax increases in Chicago - Homeowners are being asked to pay, on average, an extra $84 in annual property taxes to help plug Chicago Public Schools' $712 million budget deficit. From Chicago Tribune “City school tax hike greeted with frustration

The undereducated American workforce - The United States has been underproducing college-educated workers for decades. The undersupply of postsecondary-educated workers has led to both inefficiency and inequity. from Georgetown University Center on Education and the Workforce

TIF’s are great, except what they do is pull money that would have gone into the general fund for a city and reserve it for a specific area. this sounds great, but what it really does in the end is short change education. Hence the need to raise property taxes in Chicago to make up for the school budget deficit. In the end we all lose with an undereducated workforce.
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