The Councils in the UK do, or rather they did. Many of them invested in Icelandic Bank savers schemes that offered well above average interest rates.
When Iceland went bust last year, (the whole did), those Councils lost millions each. It's just another scandal that hit us last year, and now we're paying increased council rates, (local taxes), to make up the shortfall.
None of the investors lost their jobs though, it seems, but many councillors lost their seats in local council elections earlier this year.
Sad to say, I forgot about this one. It was a special August vote to increase the income tax by .5 % because of "the economy"....basically meaning that unemployment had reduced income to a point that some services were threatened. The voter turn out was around 18% and the measure passed by 3050 votes which. As such, it took less 10% of eligible voters to pass the tax increase. The mayor claimed victory for the city.
I was mixed on this one. The campaign was justifying the increase due to the rate holding steady for 27 years. But wait....it's based on citizen income. This means revenue increased dramatically over the years of high inflation and wage growth but has become stagnant over the past decade. So what?! That's what income based taxes do. What I would think fair...since it was the "economy" that necessitated this infusion of money....would have been to write the tax proposal to return to previous levels when and if the economy improves. Anyone think that a booming economy would cause this to happen? Doubtful, IMO.