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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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“We’re from the property tax commission and we’re here to help.”
This is something you would never ever see in Chicago/Illinois. CO property taxes went up a lot this year and two(2) initiatives (50 & 108) were put forth to basically cap property tax increases. CO Guv Polis and various taxing bodies were scared enough one or both initiatives would pass in November so da Guv called a special session on Aug. 26 to discuss property tax decreases. This simpleton Littwin thinks these initiatives are bull sheeet and voters are trying to blackmail Guv Polis and the CO Legislature to lower property taxes more. Littwin: Special session… Read more »
Illinois legislators can earn between $10,000 and $30,000 in stipends for holding leadership positions or serving on a committee so something came out of it – take home pay.
I believe we debunked the “never even held a meeting” like four years ago, mostly due to the Republicans who attended the various full Task Force and even more numerous subcommittee meetings. Their complaints about them tended to directly contradict the lie that they never even occurred.
Y’all can “downvote” the truth as much as you’d like, but one of the big criticisms of the task force was how huge it was, so there are a ton of Republicans on the record complaining about attending meetings they deemed pointless.
From the Illinois Senate Republican statement: “To have spent months attending meetings, only to have the Task Force devolve into partisan bickering was frustrating, to say the least.”
What did it achieve? Anything? If it occurred and several meetings were held, why do they need another study? Or were those meetings just for show? You are arguing trivialities while the ship sinks. If you think taxes, real estate or otherwise, are not high enough in Illinois, say so. I will agree with you. Taxes in Illinois, real estate or otherwise, need to be doubled or tripled. Perhaps then, the geniuses that live there will awaken to their current predicament and who is really using them as their personal property.
Correct me if I am wrong but I seem to remember that Pritzker presented his bipartisan property tax task force as being part of his “fair tax” package that included his desire for a graduated income tax structure. The income tax part was not approved by the voters and the task force, whether it met or not I have no idea, did not, to the best of my knowledge, issue a report on the findings, if any, of the task force. So, the way I see it, nothing was accomplished save Pritzker grabbing some big headlines via his utilization of… Read more »
“People will have to wait and see what, if anything, comes of this study. If past is prologue, the study will suggest a tradeoff — increased state income taxes and reduced property taxes.” (35 ILCS 200/1-125) Property Tax Code – “Person; Persons. Male, female, corporation, company, firm, society, singular or plural number.” (35 ILCS 5/) Illinois Income Tax Act – “Person. The term “person” shall be construed to mean and include an individual, a trust, estate, partnership, association, firm, company, corporation, limited liability company, or fiduciary.” Fourteenth Amendment Section 1. – “All persons born or naturalized in the United States,… Read more »
It is a belly buster.
The simple answer is Illinois has a spending problem and the property tax system can not be reformed until the spending is stopped. Last week for example I read of the new Medicaid expansion program that was passed with the remark “we have no idea what the program will cost” yet it passed. The immigrant problem is like a huge sponge soaking up funding as Illinois continues to maintain its sanctuary status and the Chinese battery plant incentives are beyond belief. The easiest finger to point at is to the pensions and they certainly are a formidable amount but if… Read more »
Spot on!
Certainly Illinois has a spending problem (and a debt and obligation problem), but it is also true that the real estate tax system could be improved to remove the current practice of punishing anyone who improves their property, while rewarding any surviving land speculators.
If I’m not mistaken years ago I spoke to my state rep (R) about property tax reform since he was on the task force. I believe he said any idea that was given by a republican went nowhere and never reached the house floor and just died in committee. Not 100% sure so please correct me if I’m wrong. I will contact him in the near future to verify.
Mark! maybe you can contact him since you know who he is.