-- 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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Most seniors would jump for joy if their income was 65K. This article must have been written for government retirees.
About time.
We all pay a different amount in taxes to the taxing bodies depending on the value of you home or property. ALL of us get the “Exact” same services in our area no more no less. So ask yourselves what services does your property need not the occupants who live there? Number 1 is fire in case of arson number 2 is police in case of vandalism or break-ins. So the property does not need the schools-parks-mosquito district and dozens of other taxing bodies. How many seniors need the school district? Our homes/properties are just ATM machines for them. Services… Read more »
People who make more money also pay more in income taxes yet they don’t receive more services from the government. If anything, they receive less. Medicaid, SNAP, premium credit for health insurance, Pell grants, child care subsidies, etc… don’t go to those that pay the most in taxes. Taxes are not just paid for the services that you receive as an individual but for society as a whole. I’ve stated before that property taxes are a horrible way to collect revenue as they don’t factor in ones ability to pay but breaking down taxes for just the services you personally… Read more »
I agree but if the price of gasoline on the value of your auto people would be irate. Example – A new $70K truck would pay twice as much for gas as a $35K car and 4 times more than a $17.5 auto. It is the same for homes. Just because your home increased in value and you pay more in taxes does not mean your income increased to pay the higher tax rate. There are homes on the west side of Rockford that pay less than $250 per year in taxes some less than $100. $30K value home with… Read more »
How about providing the option for a low interest lien so when the property is sold the government can collect? The eventual recovery could secure a bond issue to produce current revenue. The same approach could extend the viability of small farms in areas where land values are increasing. I do think a lot of this is crocodile tears advocacy for protection of family wealth but why enrich heirs with assets they didn’t earn themselves? Property tax is a form of wealth tax. It was one reason Jefferson wanted to keep his “enslaved people” in bondage. (Otherwise he couldn’t afford… Read more »