-- 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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The retirement tax will eventually pass if the Illinois lawmakers try enough times to pass it. All it takes is one attack of stupid from the voting populace. We’ve shown many times that we have it in us.
I and others have predicted a mass migration from Illinois after it taxes retirement income. To not make this migration sudden and startling, and to keep us frogs in the pot of hot water as long as possible, Illinois will likely do a gradual tax on retirement income. That is, it will limit the pain early on by taxing only above a certain threshold, but in the end, most or all of our retirement income will be taxed. So, some of us frogs may be hanging out in Illinois a little longer until that water in the pot becomes unbearably… Read more »
Only a matter of time. The voters don’t reward candidates that promise fiscal discipline so Illinois will need more revenue. Income tax rates wiil eventually increase Progressive income tax will continue to be pushed. A choice for a higher flat rate or progressive rate will eventually get it over the finish line. Service taxes will be implemented Taxes on retirement after a progressive amendment is passed or a promise for ALL retirement income to be taxed as an incentive to pass the amendment. Maybe some real estate transfer taxes that provide relief if you use the funds to purchase the… Read more »
You FORGOT one statement PPF.
More and more Illinois taxpayers vote with their feet and flee Taxistan!!
OwO!!
Yawn. That’s not a threat to those in power. A few people leave and the overall population remains relatively flat. The people that left because of high taxes make it that much easier for the incumbents to win the next election. Everyone is happy, including you.
YAWN, no stoooopid restaurant analogy?!
The high income and job creators are leaving in record numbers. What will be left is poor immigrants that ICE missed. Best of luck with that business plan. No jobs for people with no job skills. Ken Griffin thanks you for everything, he just loves his new yacht. 10-Day Weather Forecast for Miami Beach, Florida – The Weather Channel | weather.com
The voters, the voters, the voters. Voters elected Tim Walz too. Are the voters responsible for the Somali fraud? Of course not, you say, because the fraud was illegal. Not the voters fault when people commit crimes. The Somalis have only been here a while, so they are rather unsophisticated. They thought it was enough to control a large voting bloc to keep the politicians in check. I’m sure now they will learn a lesson. First you need to pass laws and constitutional amendments to protect you. Then you can proceed with your schemes to fleece the public, under cover… Read more »
Il is already making companies and working taxpayers leave IL. Now IL Dems want retirees to leave? IL will only have criminals, illegals, and welfare recipients left. Then who will they tax. Taxpayers need to vote these Dem socialists out. Vote red in every election.
I don’t think it will happen till after the election, but if you vote this same group back in it will. People PLEASE use your heads and vote these assholes out.
You knew it was coming. Please do it. Do it now. Don’t wait. That combined with the state estate tax will clear that craphole out of anyone with money in no time. That death spiral will turn into an old fashioned free fall. Do it. I would love to see it.