-- 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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Buying more votes with taxpayer dollars. Buying more “friends and family” loyalty with taxpayer dollars. Stealing from the few in chicago who actually pay taxes. Don’t look behind the curtain. Oz the great and powerful says everything is OK.
The cards were distributed to violence interrupters. Probably used for local delicacies. Did you think Lori was going to set up a table in a viaduct and hand out cards. How many were given to Danny Solis?
Since there would be an effort, ie work, to find the cards I assume there will be 1099s issued.
Only required on prizes or awards of least $600.
This woman called mayor is totally effing insane, childish and unconnected to reality. This is shameful and there needs to be a recall effort.
Fred:
Have you filed an FOI to find out exactly where they were “hidden” or who claimed them?
You can you know, and not just at the local level.
Ever notice how the word TRANSPARENCY” suddenly drops out of the media and “Democratic Party” lexicon when the extreme left “takes power”?
Maybe it is time for all of us here at Wirepoints to start filling FOI’s…
what are the odds that most of these are received and cashed in by city employees or their relatives? Or by the merchants who are responsible for passing them out (or those merchants’ relatives)? One supposes that (in theory) it’s for the benefit of the merchants. Will users be required to endorse them (with ID) so that they can pay federal tax on the money? Is this just a way to distribute some of the Federal COVID dollars? Will there be a deadline for using them, or will this just become scrip sold for cash at a discount? Can the… Read more »
Great questions.
If our Company recognizes someone for going above and beyond as a tam member with a $100 gift card, they have to fill out the paperwork so it is reported and taxed. Always, and strictly enforced per IRS requirement. So why not in this situation? This will lead to less compliance as people see the inconsistency.
I think prizes and awards are generally subject to a $600 minimum. see: About Form 1099-MISC, Miscellaneous Income | Internal Revenue Service (irs.gov) If the recipient is an EMPLOYEE of the entity awarding the prize, I think the following rule applies: “IRS regulations stipulate that for employees who receive any gift of cash, gift card, gift certificate or cash equivalent, (an item that is easily converted into cash) for reasons related to their employment, such as employee appreciation, service awards, etc., it must be included in the recipient’s gross income since it is considered extra salary or wages, regardless of… Read more »