LOUISVILLE, Ky. -- Mayor Fischer is proposing increasing taxes to help fill the hole created by the pension.
Fischer suggested raising tax rates on home, life, marine and miscellaneous insurance gradually from five-percent to over 15-percent by fiscal year 2023.
Fischer said the increase is necessary if the city wants to avoid making cuts to police, EMS, fire, and social services.
According to Fischer, Louisville hasn't increased taxes since the early 1980s.
A vote on the proposal is expected by the end of March.