Ted joined Dan and Amy to talk about the disaster that is property taxes in Chicago’s Southlands, Gov. Pritzker’s coming mistake in opposing Trump and his policies, Illinois’ extreme outlier pension debt, especially compared to our neighbors, the coming problem of Tier 2 pensions, and more.
Read more from Wirepoints:
- Cook County resident, upset about Southland’s skyrocketing property taxes, says “I’m sick of petitions. I want action”
- South and southwest Chicago suburbs to be hammered by massive property tax increases
- This one graphic explains why Illinois is such a financial mess
- Politicians’ five-step guide for making parents think all’s well in Illinois schools
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.
So is Wisconsin’s pension that much less than our state employee’s or is our political governing bodies just that more incompetent and corrupt? I do know that SURS (State University Retirement System) has a compounded average of +7.9% over the past 30 years. so they have done reasonably well. Lots of problems. Yes pension benefits were too high. Having people making $hundreds of thousands a year and that being their pension eligibiltiy amount was a huge mistake. It should have been limited to the SS amount. In addition using the last four years of salary as the basis for the… Read more »
Side Note- Happy Thanksgiving tomorrow to everyone and have a safe holiday weekend.
Same to you Freddy and your family, may God bless.
Amen, Freddy. Thank you.
Another great visual demonstrating the malfeasance of Illinois politicians, and the nightmare that looms for Illinois taxpayers. Unless you believe in magic, you know that already high taxes are going up significantly if you stay in Illinois. It may seem overwhelming, but you can get out if you make a plan, and as this picture indicates, you don’t have to go far. Neighboring states will welcome you.
There is a limit to taxation, and IL is nearly there. IL is already the highest overall taxed state in the nation. Inflation has made raising taxes in any significant way impossible, anyway. People are struggling. Pensions will be cut. Math always wins.
Ben, as much as I would like to see pension reform for Illinois, I think it is much more likely Democrats will push through additional taxes, with a progressive income tax their ultimate goal. Both Minnesota and Wisconsin have significantly higher income taxes for their top earners. Democrats are loathe to even discuss pension reform. It sucks, but that’s where this is headed.
Min and Wis passed those years ago. It is a different and much worse off world economy now due to inflation. IL is tapped out, and so are the taxpayers. IL has a higher overall tax burden right now than either of those states. There IS a limit to taxation. It is basic math. The best they can hope for is a one time small increase to the flat rate that will do nothing in the end to keep the pensions from being doomed sooner than later. More people will leave from a state losing taxpayers already. A progressive tax… Read more »
Pension reform is 100% required as they have all been pilffered and grossly mismanaged across the globe.
Illinois can definitely raise taxes. Watch how impossible it is when your taxes go up and my union brothers keep getting their pensions. Grab your ankles and change your last name to Dover.
I don’t live in Illinois but family does. The reality is taxes can’t increase much in a bad economy with the highest taxed state in the US. I will enjoy the pensions being cut from my state of Indiana for sure, though. It’s a 100% guarantee to happen.
Charming. JShark huh? Sounds like a former CTU leader.
I don’t foresee pensions being cut in Illinois. Certainly I won’t live long enough to see it. Taxes will be raised, although they will be increasingly difficult to pass such legislation and collect at the anticipated rate. The problem is that the pension obligations will not be appreciably drawn down – the politicians like to spend too much.
Escape to Wisconsin!