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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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AARP is run by progressive dems.
The AARP position points out a consequence of the progressive tax concept.
Today they support it. If removing the retiree income exemption is proposed they will oppose it.
If passed imagine our “common sense” Democratic combine with a new tool to leverage more donations from special interests looking for exemptions. This will really stimulate political creativity.
You can bet the language on the ballot will be so convoluted as to require one fluent in legalese to know which way to vote.
e.g., “Are you not unopposed to not enacting a Fair Tax …”
Not sure how “one of the only” became an acceptable phrase in the English language. As written, it’s nonsensical. I looked up the definition, and it means “one of the few.” By that definition, “we’re one of the only states where everyone is forced to pay the same tax rate” isn’t true. Also, some states counted as having a progressive tax, like VA, operate much more like a flat tax state; something in which the IL pols aren’t interested. Finally, “… where everyone is forced to pay the same tax rate” is a nonsensical phrase. You don’t pay a rate;… Read more »
Interesting article–shows how misleading the political advertising is. Also a detailed look at the Iowa and Wisconsin progressive tax rates, where lower and middle-income brackets are more heavily taxed than the current Illinois flat tax. Certainly a map of the future if JB gets his progressive tax. I was surprised AARP was also running ads in favor of the Illinois progressive tax. I wondered “what’s it to them?” but they explain on their web site: https://states.aarp.org/illinois/where-aarp-stands-on-il-graduated-income-tax-amendment. They say they are looking for “commonsense solutions” for the Illinois fiscal crisis as it may affect seniors. When political ads tout “commonsense solutions,”… Read more »