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.
One concern I have (among many) is that by removing the language currently in the constitution that limits the number of income taxes that can be assessed on income to one, the door opens to a state income tax (flat or graduated), and then another “Emergency COVID Recovery Surcharge” (or similarly named tax) assessed on that same income.
Nothing to keep that from happening.
The “multi-ways” of tax on one’s income under a new progressive scheme has been hammered home by Wirepoints’ analyses.
If this passes, it is the sign that all hope is lost and to pack… I really hope we can avoid this and make some common sense reforms.
Makes me sick. These pols work for us!!! Not the other way around.
Uh No. It IS the other way around and has been for a long time. To paraphrase Marlowe from “The Wire”; “You want it to be one way. But it’s this other way.”