-- 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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They should consider my idea from a previous post. Take the toilets out to make the property uninhabitable then sell the toilets for the original asking price of the home. Toilets must be bought separately or no deal. They cannot bring their own.
So the tax went from 7.5% to 26.5%. So a $1 million dollar home would incur $265,000 in transfer tax? Really???
I can foresee million dollar real estate in Chicago selling for $999,999.99.
26.5%? really? $13.25/$500 equals 26.5%??? Must be teabilly GOP math. I’m guessing you need to take off your shoes to count to 20.
Thank you for your kind words – my embarrassing error!
2.65% is correct – danged decimal point!
It is your embarrassing error. Although that didn’t stop you from making your ridiculous comment. Typical GOP teabilly fashion. Just shoot from the hip with no intellect.
You are most unkind.
Hope your day goes well and you get that chip off your shoulder.
The racist above (hillbilly is a racist slur) is just trolling. Don’t feed the trolls!
People make mistakes…look at all the people that voted for Biden
Ha ! And the tax needs to be 26.5% to make a difference anyway.
Good, you caught the math error. That 26.5% amount will be a some time in the future rate if the buffoons who run the city get this current increase approved.
Facts matter. I know that’s tough for teabillys.
It’s the most stupid tax structure imaginable. It’s not the amount above $1 million dollars that’s subject to the increased tax rate, it’s the entire sales price. In other words, if you sell your home for $1 million, you pay this tax on the entire $1 million. But if you sell that same home for $999,999, you pay nothing. Keep in mind the idiots behind this are the same idiots who backed the Fair Tax. Although the tax is technically levied on the buyer, the seller ends up paying this tax via a decreased sales price. One last money grab as you… Read more »