What about all the dire consequences raised by the pro-tax side?

The same arguments were made five years ago, when the idea of a city income tax was first raised and soundly defeated. The disaster did not come to pass. In fact, the city had a surplus of nearly $10 million dollars a few years after. While revenue trends are challenging, the hand wringing by the pro-tax side is largely driven by ideological objections to solutions that threaten sacred cows.