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Car buyers are on the hook for an estimated $40 million extra in sales taxes thanks to an Illinois law starting next year that will cap trade-in tax credits for most motor vehicles at $10,000.
Currently, car buyers pay sales tax on the difference between the value of a new car and the value of the car they're trading in. But starting Jan. 1, car buyers will receive sales tax credit on only up to $10,000 of the value of their trade-in.
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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