-- 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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Pat Quinn is a fool, and a tax hungry fool at that. You remember Pat, who promised an income tax increase would be temporary, and who doubled the tolls on Illinois toll roads on his way out the door. Here’s a message for you Pat, the voters of Illinois don’t trust you, or the other lowlife Democrats that are running Illinois into the ground. Pritzker already tried the millionaire tax, and it was soundly defeated. Illinois voters have lived through broken tax promises for decades, and no one believes there is any property tax relief coming…..ever! And they aren’t about… Read more »
“I don’t think we have to worry about deserts for millionaires,” he said. “I think we have to worry about is everyday people who can’t afford to pay their property tax bill losing their home.” How is it the fault or repsonsibility of a millionaire to ensure people do not lose their homes due to real estate taxes being too high? Why is the “solution” to this involve breaking one system by creating a progressive tax instead of fixing the broken system of real estate taxes? Why not address where 70% or so of a real estate tax bill goes…to… Read more »
Hammer those millionaires. Tax them into oblivion. It’s not like they have the means to leave.
Yes, this millionaire tax seems to be another hare-brained scheme from our cerebral IL pols.