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

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