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Reposted due to recent coverage in the Wall Street Journal editorial “Nickel-and-Diming Democrats.” Based on the spending promises J.B. Pritzker made during his campaign, any realistic progressive tax rate structure will have to raise taxes on middle-income earners
Tier 3 was a poorly-designed pension “reform” shoved into the state’s omnibus budget bill in July, 2017. It was one of the token gifts given to Republicans in exchange for their help in overriding Gov. Bruce Rauner’s budget veto. Now, nearly a year and a half later, the Tier 3 hybrid plan still hasn’t been implemented.
More to this than being reported.
Mark Glennon, founder of the online financial watchdog Wirepoints, discovered from public records requests that Frerichs doesn’t manage any direct holdings of Facebook.
“It came back a bunch of mutual funds that aren’t his, rather in the college savings accounts,” Glennon said. “He’s just playing games here, grandstanding on social justice warrior issues.”
Comment: You knew this would come eventually — an exit tax on the wealthy. This would be in the form of an especially high real estate transfer tax on expensive homes, an ordinance for which will soon come before the Chicago City Council
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