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.
This is a Gov Putzger move to look like a humanitarian where in reality he is passing the buck to municipalities
Why be so modest? We downstaters get to pay more too thanks to our locally elected officials.
People who survive primarily on tips won’t see any savings either, as Illinois decides it’s best to just tax them in the name of equity.
Not true. Federal income taxes that exclude tips would still save those employees money even if Illinois continues to count tips as income. Instead of paying the federal tax rate plus the 4.95% Illinois rate, they would just pay the 4.95%.