-- 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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There should be a chart of appreciation (depreciation) of home values to corresponding tax rates and bills. The more the value of your home is the more all the services costs you (schools/police/fire). This in effect is a wealth tax since home values are the largest asset many people have. Stocks prices are not taxed until cashed in and starts at your cost basis. If home values tumble you still have paid higher taxes on the previous higher value for years even though it was an unrealized gain or loss. This is like license plates would cost more for a… Read more »
Will Jabba’s trusts overseas be counted as part of his net worth? Or because they are out of the jurisdiction they are tax free…
what’s good for everyone else doesn’t necessarily apply to rich progressive.