Brazil Congress passes landmark overhaul of pension system – A.P.

The most meaningful change sets a minimum retirement age of 65 for men and 62 for women. That’s up from averages of 56 and 53, according to the Organization for Economic Co-operation and Development, a club of nations whose populations on average retire at about 66.

The overhaul also introduces progressive brackets for contribution amounts as well as limits for survivor benefits and includes a period for transition to the new system.

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J.B. Pritzker 8th most unpopular governor in the country, poll says – Chicago Sun-Times

A Morning Consult poll found his favorability at 44%, with the latest poll clocking him at 43%. His disapproval rating has grown from 35% earlier this year to 42%. Unsurprisingly, the disapproval is coming from Republicans, who watched the political newcomer rush in a bevy of progressive measures, including his push for a graduated income tax question on the 2020 ballot. Of those polled, 14% said they were undecided.

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California’s Tax-the-Rich Boomerang – WSJ

Democrats in California have raised taxes on the rich again and again, and liberals claim it has no effect on taxpayer migration and does no harm to state tax revenue. A new study finds the opposite. In sum, the study estimates that outward migration and taxpayer behavioral responses erased 45.2% of the expected revenue gains from the tax hike on top earners.

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Chicago’s new budget summary graphic

Comment: $538 in spending cuts and savings, $352 million of new taxes and $52 million in additional programs and spending. Keep in mind this is a cash budget only that does not include accruing debts, especially for pensions, which continue to be funded less than tread-water amounts, so the unfunded liabilities will continue to grow.

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Lightfoot to declare $300 million TIF surplus — largest in Chicago history – Chicago Sun-Times

Mayor Lori Lightfoot’s 2020 budget includes a $300 million tax-increment-financing surplus — the largest in Chicago history — just to help bankroll the $500 million offer the striking Chicago Teachers Union has already rejected, a top mayoral aide said Wednesday.

By closing out five TIF’s and scouring all of the others, Lightfoot has managed to generate $163 million for Chicago Public Schools. That’s $66 million more than the school system received last year.

The city will get $31 million of that new money to help defray its $838 million budget gap.

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