-- Connecting the dots between our economy, government and business --
Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Nothing will change in this state until the
Democratic Party is removed and prosecuted
For fraud, malfeasance and wire fraud.
They do not have a funding problem. They have a spending problem. And all of the spending is enriching themselves. Disgraceful.
Quinn should rename this bill the “Let’s chase out the affluent” amendment.
https://www.kiplinger.com/taxes/will-florida-property-tax-be-eliminated
We already have a constitutional amendment protecting property rights. Fourteenth Amendment Section 1. “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside. No state shall make or enforce any law which shall abridge the privileges or immunities of citizens of the United States; nor shall any state deprive any person of life, liberty, or property, without due process of law; nor deny to any person within its jurisdiction the equal protection of the laws.” The definition of Person, from Black’s Law… Read more »
Quinn knows all about taxes; he saw to it that Illinoisans not only got an income tax hike and at the same time property taxes continued to rise…another Illinois Democrat who never saw a tax they didn’t like.
This is nothing but a rob Peter to pay Paul scheme like the gas tax. Lower one tax and raise another. We need fiscally responsible government not politicians that just pass the blame for their failure to make hard choices and balance a budget.
VOTE RED
Quinn is well intentioned. Reality though is new revenue streams create new spending ideas. Lottery was to support education. Toll roads were to be temporarily so until paid for. Problem is undisciplined spending by single party rule, this idea doesn’t address what fuels the problem.
And the new revenue will go directly to run down urban neighborhoods where folks, no matter how much relief they get, just can’t seem to pay their bills.
The much increased gasoline tax was supposed to go into a ‘lock box’ to only be used for roads and bridges, period. Nevertheless Democrats found a Judge to say they could spend that money to bailout the political and useless CTA. No, never again – Democrats lie to much.
The Democrats make Charles Ponzi look like an amateur.
Funny how IL pols, current and former, think only in terms of higher taxes and fees, even if, in this case, it would provide some relief to some taxpayers. Ugh, sorry for the broken record, but these pols should concentrate on cutting spending (from salaries, benefits, number of government offices, number of government employees, unnecessary projects, etc., etc., etc.) to ease the burden on the IL taxpayer.
Some gov’t BS offices could absolutely go
What is the expected dollar amount to be collected from a 3% tax on millionaires? The entire public school budget for all of Illinois is approx $42,000,000,000 of which almost 60% is paid by local taxpayers. Just the raises in all of the contracts is at least 3% per year for the school districts.
Ptell counties guarantee the taxing bodies will not get less on levies than the year before plus 5% or 1/2 of inflation whichever is less.
The millionaires are the majority leaving Illinois. According to the IRS Illinois has lost $700 Billion in AGI since 2000. Politicians need to retain the tax base and that requires fiscally responsible spending.
They have never and will never figure that out…….toooooo easy
The Democratic Goon Squad disapproves of any responsible spending by the party.
Right on. These ideas, if enacted, only cause more of the affluent to leave the state. Therefore, this is another ill-conceived idea of so very many from our brilliant current or former IL pols.