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.
I voted with my feet over 20 years ago and left Taxistan.
My bank account is $250,000 larger because of my smart decision.
Do you know what happens when squatters take over your home in Chicago? LAW ENFORCEMENT CAN’T HELP YOU. NO ONE IS GOING TO HELP YOU.
Do you know what happens when a gang member picks you as his random target in Portage Park and assaults you? NO ONE IS GOING TO HELP YOU.
Call 911 but NO ONE WILL BE COMING.
If you’re lucky, your dead body will be picked up and carted away within a few days.
How can property taxes and assessed values increase as population declines AND when those who remain are “income and asset challenged?” Tax teacher tenure and contract rights which are some of the highest value “property rights ” remaining on the books. Easy to collect by salary withholding and offset against pension deficits. Time to think outside the box – a wealth tax that Liz Warren could love.
What does “tax teacher tenure and contract rights” even mean” in terms of taxing a teacher’s income? Please fill in the blank as to how those can be easily denied when a teacher’s income exceeds your view of what’s allowable.
This is going to go on for a few decades. CPS teaches Zero job skills and Illinois has chased away the businesses and job creators. The outlook is grim. The best business left are criminal activities. Taxes will continue to go higher and higher to cover generous pensions with 3% annual increases. The numbers are set in stone and cannot be changed. The current Mayor is a Joke.