What? Chicago Pension Liability Jumped $11.5 Billion in an Instant? – UPDATED – WP Original

By: Mark Glennon*   Bloomberg today reported that Chicago’s unfunded pension liability jumped by a staggering $11.5 billion. For a little perspective, keep in mind that the total unfunded liability for Chicago’s four pensions as commonly reported has been only about $20 billion.   Shocked? You shouldn’t be. We wrote two years ago that this is one of the “insane implications of keeping two sets of books.” Get used to it. That $11.5 billion increase was for just one of Chicago’s four pensions. Similar bad news will be coming out in Chicago and across the state for many other pensions.

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City Council approves Emanuel’s share-the-wealth plan – Chicago Sun-Times

Despite concerns that it would create a mayoral “slush fund” akin to tax increment financing, aldermen agreed to revised density bonuses that will let developers in an expanded larger downtown area — about 20 percent bigger, with 800 additional acres — build bigger and taller projects to generate millions to rebuild long-ignored neighborhoods on the city’s South and West sides. Comment: Yep, it will be a slush fund developers will have to pay for, most of which will be passed along to renters and owners.

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How much do Illinois businesses pay in taxes? – Blogs On Politics – Crain’s Chicago Business

Illinois’ tax hit to business remains somewhat above average, even as state lawmakers edge closer to a big tax hike, a new report out today says. The full report from Anderson Economic Group is linked here. Comment: A reminder that corporations don’t pay any taxes. They collect them. People ultimately bear the burden, and that burden is not progressive.  

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