-- 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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funny stuff
Exactly how much relief from high property taxes will the progressive state income tax offer? The answer is … wait for it … not much or no relief at all.
Also, once again, you’ll be relieved to find that only the affluent will see higher state income tax rates … until you find out that, with you’re slightly-above-average salary, you’re among the affluent.
“until you find out that, with you’re slightly-above-average salary, you’re among the affluent.” Well, almost correct. WE can always look to IL’s mentor and sister progressive state, California, to get an idea of what happens when progressive rates are put in place in progressive states. California taxes single people with incomes over $42,000 at 8%. Married couples is 8% of anything over $85,000 with a special 6% category at $61,000. This is what is coming to IL despite the so called .05% reduction from anyone under the top bracket will get.. They says “Only those single/married households with income below… Read more »