the big risk is that I pay tax that never be used in my town, and that the control of the town is not anymore in the hand of its citiziens, and that's not democratic at all.
But most of these small towns get more money out of this system than they pay in. If a small town only had it's local taxes, and not a bit from everywhere else, they would have to drastically cut services.
If anyone is getting screwed over here it's the people in big cities, because a lot of their taxes are going to pay for services in small towns they will never visit.
And without austerity measures, no one will be able to pay for anything, and things get even worse. I get that people are pissed about cuts, but they spent too much in years past, and eventually your bills fall due.
If you saw one guy protesting against his credit card bills you would laugh at him, "Ha, that's his own fault, should have spent less" but put people in a big group and common sense goes out the window. It's called mob mentality for a reason.