-- 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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No wonder Kevin screamed. He saw his parents tax bill.
The taxes on that house are cheap compared to what it would cost in Rockford.
The house is valued at $2,328,140 so if the home were here it would cost $81,687.59 in taxes at a tax rate of 10.3834% at 1/3rd value.
$2,328,140 dive by 3 is $776,046.66 -$6,000 homeowners deduction x tax rate 10.3834% = $81,687.59.
We need tax reform here ASAP.
Stay out of Rockford!
Don’t think so Freddy. That same house would sell for about 400k in Rockford. Taxes are high in that area because prices are so low.
That is insane tax bill for a modestly ostentatious executive home.