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Mayor Rahm Emanuel's record $588 million property tax hike sailed through the City Council today with only 15 aldermen voting against it. The hike is the centerpiece of Emanuel's bad news budget that imposes additional taxes and fees. We speak with a panel of aldermen about the budget and how they voted.

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"I'm not going to allow Springfield's dysfunction to become Chicago's dysfunction," Mayor Rahm Emanuel said during an extended interview before Wednesday's City Council vote on his proposed budget that includes a nearly $600 million property tax hike.

Emanuel: ‘I’m here to fix these challenges’

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Mayor Rahm Emanuel joins us for his first extended interview since proposing his so-called "last resort" budget.

Aldermen: No More Property Tax Breaks for Big Buildings

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The parade for new city taxes continued Thursday as a group of aldermen made their case to Mayor Emanuel that powerful corporations and the wealthy should shoulder the burden of tax hikes to help plug a massive budget hole. The aldermen are also targeting the private law businesses of powerful political figures like Ald. Ed Burke (14th Ward) and House Speaker Michael Madigan.