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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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The reporter in this story most likely did not include that there are 2 different tax rates in Rockford within the city limits. They are city with a tax rate of 10.3834% and county with a 8.7268% rate. The average taxes paid as he stated include a variety of exemptions like homeowners/senior/veteran/etc. So for the higher city rate the taxes on the $140,300 home with homeowners is $ $4,076.66 and if the home is in the county portion within the city limits taxes are $3,557.62. That means that taxes are around 3% of value for city and 2.46% for county.… Read more »
Why don’t we just back up and address how Illinois has some of the highest real estate taxes in the country and this is just one more symptom of a reckless legislative body that needs intervention? This will be fixed soon enough – Rockford and Peoria will see their property values “increase”. Problem resolved!
United States Constitution, Section 9.
“No Capitation, or other direct, Tax shall be laid, unless in Proportion to the Census or enumeration herein before directed to be taken.”
All thanks to Ptell. Taxing bodies will never get less than what was levied the year before regardless of home/property values. Never.