-- 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 would be so difficult to collect services taxes especially from smaller businesses that are barely reporting their income to begin with. Imagine having to register with the state every hairstylist, landscaper, barber, criminal defense attorney, tax preparer storefront, handyman, contractor, roofer, snow plow, uber driver and other professional, and requiring them to remit 10% of their income as a “services” tax on a regular basis. These people barely pay quarterly taxes and often get a tax refund back at the end of every year. It would be extremely difficult to get every one to comply with, and imagine how… Read more »
The citizens replied no thanks.
The entire report by the day drinkers at the Civic Federation detailed how Illinois is a terrible place to live and do business, even saying that the tax burden is too high. Their solution?
Raise taxes.
Thanks for nothing, doltish day drinkers of the Civic Federation.
The just have to find a way to tax
Prostitution, I mean sex workers when they legalize it.Il. is drowning in taxes, so let’s add one more brick to the life jacket.
With the extra tax money they will just spend more. Taxes on services should only happen when they reduce the size of government and reduce property taxes.
Did they factor in more businesses fleeing the state if that happens?
No, they don’t care. They view living and operating a business in Illinois as privilege that you will pay dearly for, and if you don’t like it, you can leave.