Thomas Corfman: Mayor Emanuel says he will propose $500 million tax hike

CHICAGO (FOX 32 News) - Chicago Mayor Rahm Emanuel admits that homeowners and their City Council representatives will find it difficult to accept a $500 million property tax increase. But he says he'll soften the blow with "fair and progressive" relief for seniors and working families.

Thomas Corfman of Crain's Chicago business talks more about the budget proposal and what it means for the city.