Detroit CFO says higher taxes wouldn't help city - ABC 12 – WJRT – Flint, MI

Detroit CFO says higher taxes wouldn't help city

Posted: Updated:
By ED WHITE
Associated Press

DETROIT (AP) - Detroit's chief financial officer says raising taxes isn't an appropriate remedy to fix the bankrupt city.

John Hill continued his testimony Friday at a trial that will determine whether Detroit emerges from the largest public bankruptcy in U.S. history. The trial in front of Judge Steven Rhodes began Tuesday and will last for weeks.

Hill says Detroit residents and property owners already are "highly taxed" and the city still is suffering from long-term economic problems. He sees no benefit in raising taxes.

Detroit's plan to get out of bankruptcy would cut $12 billion in debt to about $5 billion. Many retirees would see a 4.5 percent pension cut. No tax increases are planned.

City employees and retirees have signed on, but bond insurers facing huge losses are opposed.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

abc12.com

ABC12 Main Station
810-233-3130

Mailing Address:
2302 Lapeer Road
Flint, Michigan 48503

Powered by 

WorldNow
All content © Copyright 2000 - 2014 WorldNow and WJRT. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.