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Politicians can’t afford to ignore growing public resentment of excessive property taxes, a powder keg that needs only a spark to explode into a full-fledged tax revolt with unpredictable consequences.
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 taxes, dwindling buyers, stagnant values, federal deduction cap, etc. It is important to not pre pay your mortgage as the traditional way to gain equity. Why accelerate payments on a home that is not increasing in value quicker? It’s like burning money. At sales time only do the minimum to sell and take every light bulb with you. If you must stay in Illinois ffor a few more years then downsize now, cut your losses invest the equity then treat your downsized home like a rental, minimum payments, spend the investment on another home later when you can leave… Read more »
No one’s revolting except the right honorable conservative minority and those who left Illinois. The majority of voters prefer the Democrats “Scorched Earth Death Spiral” that is destroying their housing values. They will vote Democrat no matter what since they are told Republicans are racist.
The largest component of most property tax bills is the local school districts, followed by the municipality, and followed by the various other taxing districts, but overwhelmingly the school district. My local elementary school board went from moderately conservative to progressive and woke as stay at home ‘moms’ with journalism degrees decided that ‘orange man bad’ and want to indoctrinate my children with degenerate social issues rather than teach the three R’s. The high school had a large bond referendum – so large it could build a brand new 50 story office tower – and it passed 55/45, whereas in… Read more »
In view of that…are the children getting a decent education?
Not really in Rockford. Check out Wrextv.com click news/ then 13 investigates scroll down and search for district 205 . Kids are being passed on who can barely read or write and the school budget gets bigger every year. Listen to the super blame it on everything under the sun.
The time for revolt is long over. Its close to the time for violent revolution.
Close is close. Just remember that any advocacy of violence or breaking the law isn’t allowed here and will get you banned.
Mark- I also am not advocating violence in any form. I believe that a subtle reference to France’s Yellow Jacket protests (which became violent quickly) may have been implied and something like that may (hopefully not) be in our future. Ironically they were protesting an increase in gas tax’s by 12 cents and diesel by 28 cents ( Gas there is $6.36) and money then would probably go to pensions and unemployment insurance even though Macron said it would go to less foreign reliance for oil. Sound familiar? The middle class there is being destroyed as it is here. Hopefully… Read more »
You may now try to disavow what you said out of personal necessity to be a participant here, but that single sentence you said earlier seems to be a trumpet call for violence as I interpreted it. I think its likely many others would agree. Words have consequences; watch what you say and how you say it.
James- I am not sure what exactly you are referring to that I said. I am merely making a comment as a casual observer If you could clarify I would appreciate it. Everything going on here in Illinois and around the country is trying to divide society. By whom? To what end? Trump/Hillary-Republicans vs Democrats-gay vs straight-unions vs non union-immigration policies and so forth. Seems like everyone is walking on pins and needles. Right and wrong have been replaced by politically correct. Check out Mike Adams at NaturalNews.com. He seems a little over the top but has been pretty much… Read more »
Freddy, my comment was meant for Tom Paine’s Ghost regarding what seemed as him inciting violence. Somehow it appears here as belonging to your posting, or at least you’ve seen it that way. Not so! Sorry.
The Democratic Machine answer: Let’s pass higher taxes and fees on everything else to defuse the property tax bomb