-- 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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Isn’t the Estate tax a millionaires tax? Lower the credit equivalent from $4,000,000 to $1,000,000 then add a millionaire’s kicker to the income tax. Do it all retroactively and watch the out of state movers make a fortune. Please do it. I need a good laugh.
DNC typist Brenden Moore could be forgiven for not bothering to mention Hopeless Hochul admonishing New York millionaires to get on a bus and go to Florida. Hopeless needn’t have wasted her halitosis harping on that, as millionaires had already been bailing NY due to Hopeless’ endless passionate greed for OPM. Moore cannot be forgiven for not reporting Hopeless’ craven pleading for these same people to return to her failing state so Hopeless could tax away their money again. Acting on behalf of Illinois bloated unionized workforce, the far-left Illinois Economic Policy Institute’s Frankie Manzo and the University of Illinois… Read more »
Surprised to hear you say that about Moore. I think he and Capitol News IL do a good job avoiding bias. They did point out, correctly, that the group that authored the study is left-leaning. A news story like this can’t really do much more than report what the study said. Sorting out competing arguments and covering what Hochul said is a story for another day, or an opinion piece.
The high earners will continue to leave Illinois. The tax and spend Democrat/Socialists have no other solution. The answer to any and all problems is another tax! Illinois needs to create a Boston Tea Party!
Sure. Another Boston Tea Party. lol. Let’s all demand the right to vote for less government spending and fewer taxes. Oh wait, we already have that right and the voters decided they like more taxes.
Let’s allow people to vote for higher taxes as long as they benefit but don’t have to pay. What could go wrong? Lol
The article refers to the ILEPI as a “left-leaning think tank”, which tells you all you need to know.
Be Very Suspicious of them and these “professor” types that probably have Never ran a business, had to make a payroll, deal with bureaucratic Governmental entities, etc.. And if you think that the proceeds from this Tax will go to Property Tax Relief, then I have a bridge in Brooklyn to sell to you.
I regard those authors as completely unserious political partisans.
The bigger your income, the more likely you are to flee to avoid the extra tax–thereby losing 4.95% on the income leaving the state rather than gaining 3%. It’s also amusing to suggest that the “extra” taxes would go towards schools and the other named programs. It reminds me of the claim that the lottery money would go towards funding the schools while the truth was that the lottery money was exchanged for other school funding sources with close to a net zero increase. Any money they raise will be a bonus pool for connected NGOs who will contribute to… Read more »
Let’s tax all the politicians whose income while in office exceeded their salary at 50%.
Once again, for the revenue generation estimate, did they consider some or many of the affluent who will relocate out of state if this becomes law? I didn’t think so.
Also, the article notes three options for spending the cash. They forgot the fourth, obvious option: increase bloat. After all, this is Illinois.
To Pritzker and the usual gang of idiots
in Springfield, “ Fu..You
Ask Kathy Hochul how well that worked out for New York as she asks ex pats to return from Florida to be taxed some more.