-- 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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According to the Illinois Constitution any county with a population of 200K and over are limited to classify properties at no more than 2.5 times the lower class. In other words a business can pay 2.5 times the tax that a residential property does of equal value. Here in Winnebago county all properties are valued at the same class but different rates which are set by local municipalities. Within Rockford’s city limits are pockets of county which has a lower tax rate of 11.6802% on 1/3rd value. The city tax rate is 14.27% so the numbers are skewed for the… Read more »