Illinois ‘fair tax’ amendment defeated by voters – Illinois Business Journal

“With the failure of the progressive tax, Illinois politicians will be more anxious for a federal bailout to cover for their decades of financial mismanagement,” says Mark Glennon, founder of Wirepoints. “But regardless of the outcome of the federal elections – and the ultimate fate of any bailout – Illinois will still be trapped in a downward spiral unless it enacts real reforms, starting with pensions.”

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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