-- 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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But we are doing it for the good of the children.
That’s one reason why Governor WIDE-LOAD is against it. I’m sure there are billions of other reasons.
I have a better idea for a tax: tax the increase in net worth of legislators since they took office. Call it a Capitol Gains tax.
Go for it. Your neighboring states thank you.
Democrats have wanted to tax financial assets for years – it’s an extension of them taxing people who own physical property, i.e. cars, homes, businesses. Democrats plantation is large and expansive and the public unions have moved into the big house.
Very soon Illinois will allow payment of wealth taxes in pesos and dineros.
Adios!
Illinois has a history of creating laws that are unconstitutional with the plan to drag it in the courts as long as possible (i.e. PICA). Pritzker would never sign it anyhow he would have to leave the state.
Would IL owe refunds on realized losses?
You should know that the tax road is one way. It goes in but it never comes out.
No new tax is too harebrained for Illinois to pursue.