-- Connecting the dots between our economy, government and business --
The tax, which would impose a 3 percent surcharge on annual incomes over one million dollars, has yet to see a specific bill introduced in the legislature. Republican leaders argue that a millionaire tax would not effectively address the financial issues faced by local governments.
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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Just another attempt to bring in a graduated income tax and screw us even more.
Hows that not fixed tollway tax and automated gas tax increase working for you?
Time to stop pulling the blue handle!