Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Here’s an idea, stop spending on social issues. Millions are dumped every year into funds to help the so called under privileged. Rent, food, medical care, phones, internet, computers, schools meals (breakfast, lunch and dinner) even on closed school days and summer vacation, child care etc etc etc, it’s never ending s let’s add millions more. Live within a budget like responsible people do. Another idea is for all elected and appointed positions in state, county, and city governments to take a 10 to 20 % pay cut. Appointed positions should not be for profit or pensions. Elected positions should… Read more »
Step 1. Pass progressive tax. If it doesn’t pass then increase flat tax to provide leverage to pass the tax on another attempt. Step 2. Start taxing services. Step 3. Increase rates so that it more closely aligns to California. Think top bracket around 12-13%. Lower brackets around 7%. Increases to the brackets will start before service taxes but won’t reach full amount until after service tax implemented. Who am I kidding, the top rate is never final. Step 4. Begin taxing “rich” retiree income. Sold as the ability to get some of those “rich” pensioners and corporate raiders. Plus… Read more »