Illinois bill looks to raise estate tax threshold – WGEM (Quincy)

Brent Clair, a local farmer said for farmers, the value of the land has gone up due to inflation. He said farmers originally purchased the land at either 5 or 6 thousand dollars an acre, but with inflation the lands value is up to 10 to 15 thousand dollars per acre. “The farmer who bought this land is taxed on the money he used to pay for it. He’s got the property tax that’s used up. And so it’s a tax upon a tax upon a tax,” Clair said.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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