Bloomberg Businessweek

Another Way to Tap the 1 Percent

Instead of tax hikes, Kalamazoo is asking the rich for donations | “Anything any city could have done to lower its costs, we did”

Earlier this year, staring ahead at years of deficits, the city of Kalamazoo, Mich., formed a committee to conjure up solutions. The resulting recommendations were standard fare: Make further cuts to city services, impose an income tax, or do a bit of both. Then Mayor Bobby Hopewell, on a lark, introduced a third option—ask the city’s wealthiest residents for a bailout.

Hopewell approached his friend, banker William Johnston, husband of billionaire Ronda Stryker, whose

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek3 min read
Bridging the Management-Tech Gap
It’s notable that Chenjie Ding works in technology. Two and a half years ago, when she was a journalist, Ding would’ve been the first to tell you she lacked the skill set to work at a tech company. “When I started at [UCLA] Anderson, I was not good a
Bloomberg Businessweek2 min read
The Slice of Your Life
Buko Pie SARI SARI STORE, LOS ANGELES What looks like a quiche with hard-boiled eggs is in fact a crusted custard laced with young coconut slices from Filipino pastry chef Margarita Manzke. “I’m a big fan of all of chef Marge’s baking,” says Charle
Bloomberg Businessweek2 min read
Greens Are Growing Up
Europe’s Green parties are having the best kind of midlife crisis. Born in the radical counterculture of the 1970s, their movement is entering not only middle age but also the hallways of power. Having grown big, though, the Greens must now grow up.