-- 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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It’s nearly 10pm at night and Cook County has failed to release ANY election data. the polls closed three hours ago.
What are they doing in the basement of the county building? Are they brazenly manipulating results?
Will this blue wave be even bigger than the last?
Who knows? The law says they can count late arriving ballots through 4/20 and provisional too!
Stay tuned for big data drops all in favor of Democrats!
Well my suburb that had some purple just went totally dark blue, big time. That’s disappointing. They’ve marched through every elected office in every suburbs spreading their disease and degeneracy. How long before my township decides to give reparations? Probably sooner rather than later.
You’re an idiot for staying in Illinois
You of all people know the writing is on the wall…
Come join the exodus to Indiana and cut your taxes by over 50% while enjoying better government, more freedom and a higher quality of life.
So I save 5k per year in property taxes but would now need to pay about 13k in state income taxes on my retirement income? No deal. Illinois is great for retirees as they don’t charge income tax on SS, pensions, and 401k withdrawals.
For now. Hopefully that will be taxed next.
So you are willing to support a tax increase debtsor?
I support a 110% tax on public pensions. They can afford it. Won’t even notice it as you say.
Not noticing $12-14 per year is just slightly different than taking all of something or in your moronic case of 110%.
Also, you wouldn’t just be able to tax public pensions. It would need to be all retirement income. Do you still support the tax? Remember that you don’t want to go too high or those rich pensioners can always move out of state. Hell, they could rent for 179 days per year (live somewhere else the rest of the year) and not have to pay you a dime in income taxes.
“that’s like your opinion man” – The Dude
yes, I support taxing democrat pensioners until they can’t afford to live. Just like everyone else.
Just like everyone else? Well then you should have no problem getting the votes to make that happen. Of course if they leave the state you get nothing, nada, zilch. That’s not my opinion but rather the law. You can’t tax them once they leave.
In the meantime, I’m off to go have another glass of Caymus Special Select and eat my tomahawk ribeye steak. Life is good.
PPF, am I correct in understanding that you not only savor your lifestyle paid for by taxpayers, you very much enjoy lording it over us peons who pay for it? You seem to derive a lot of pleasure from that.
Life won’t be good once your pension collapses and is cut. I can’t wait until that happens, and it 100% will. The fact you spend half your day on this board posting biased drivel tells me how worried you are about your doomed pension. I am enjoying your obvious worry and misery. More and more people leave Illinois every single year, and they all bring your pension closer to collapse. I can’t wait until that happens! Oh, and I left Illinois already, so suck it.
“Let them eat cake.” You say. . .we will eat you before too long. Yes, just like everyone else. Where is the equity?
Why would you want to live in IL 179 days a year? You’re one sick puppy.
You live in IL 365 days. What does that say about you?
Someone has to stay here and earn to pay your pension.
Retirement tax, sure. Taxes need to be fair if there is a tax at all.
Based upon your stated $13k tax obligation, we can assume your retirement income to be $260,000. Based on that you stated you would save $5 annual property taxes, we can assume your home value (assessed) is ~$500,000 and you live in Chicago at artificially low tax rates, or collar county suburbs and your home is assessed at $250,000. That is: you are losing 1%-2% of home value (equity) annually, and it is not a deductible loss. So you are losing $7500-$10,000 annually every year, and accruing more debt obligation on your property value annually. Also we must assume that your… Read more »
Susan, In your analysis does Indiana not charge any property tax? A similar quality and size home to my current home would still cost 6 to 7k per year in property taxes. Also, in my neighborhood in a sought after west suburb, homes have been doing quite well. Then again I don’t live out in the sticks in Mchenry or Woodstock and then wonder why property taxes need to rise drastically to support an area with very little business support. Now I agree that my rise in value would have been better outside of Illinois but we are not losing… Read more »
Pensions Cut is a pathetic liar. Choose wisely to not believe a word he says. He is a keyboard warrior and you have no clue how much he actually earns. But, if he is getting a pension from Illinois, then you KNOW it is doomed. Math and reality always win.
Income is income so I say tax it all. Ideally for me Illinois would tax all income at a 3.5% flat tax, which would still be higher than Indiana’s 3.23% flat tax. So if moving to Indiana causes a state tax bill of 13k for you then you have 400k per year in retirement income. I’m ok with taxing that. Remember you can always move to Florida and save on both property and state income taxes.
“Income is income so I say tax it all.” In the interest of fairness I completely agree. My response was to Indy to point out not everyones tax situation would be better in Indiana. I agree that Florida or Tennessee would provide a much better situation. Still no income tax and better property taxes.
As far as Indiana’s flat tax of 3.23%, are you sure about that? Most (if not all) counties in Indiana add a county tax onto that 3.23%. So if you want to live around Indianapolis, Marion County adds another 2.02% bringing the total rate to 5.25%.
Yeah, but your situation, with $260,000 in income, is the exception, and not the rule. $260,000 in income would put you in the top 6% of household incomes *nationally*. Possibly in a higher percentage if you have other income. Moving to Indiana helps most people except for the biggest pension grifters. they all move to no income tax states.
The suburbs of Illinois?
You must be joking.
Yes come here if you want to fund the Official Government Workers Party, at the expense of the private sector.
Get the hell out of this state.
AKA “And you thought Cook County had crazy property tax levels!”
Speaking from painful experience, wait until you get that property tax bill from Will, DuPage, McHenry, etc. 😳
Amen thank you mmack I reside in will county and I’m fearful of what’s coming.
Move to a red state. Make it redder.
Out of the frying pan…
Get the he!! out of Chicago. Get the heck out of Illinois.
Your right. I picture myself waiting until the last minute where I will have to pack whatever I can into my car and floor it to get past the communists guarding the border.
They will make sure there is no safe place to go.
every county in OK voted trump last two elections. There are safe places left.
Literally true if you wait too long.