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Lawmakers have filed legislation calling for a referendum to be placed on the November ballot. The plan would create an additional 3% tax on individuals whose income is above $1 million a year. The money would go toward helping Illinois homeowners pay their property taxes.
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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No talks on actually lowering the property tax bite??! Of course not. I’m in a school “ district “ that has 3 lower grade schools. 600 students total. But, oh!! Now we need a “ Superintendent “, at 250K. And a staff around her. And principles at each building. Assistant superintendent, assistant principal, and the overhead goes on and on. Face it- our obscene property taxes are only there to fund political graft. Enough.
Yes, schools need teachers in the classroom. They also need principals that lead each school and and a superintendent that is in charge of all of the schools. They also need accountants, IT professionals, nurses, psychologist, etc…Lots of different people that work in education. It’s time for people to get over it. Enough.
This is another one of the countless, hare-brained schemes with the unintended result of chasing the affluent out of Illinois. The Illinois pols seem so continually dense to understand they won’t keep the affluent in Illinois to support the tax base by gouging them.
The state needs more tax revenue. I’m sure we will be reading about many different proposals to raise taxes. We need more money and now we must decide who shall pay for it.
Your pensions are the anchor dragging all the rest of us down. It’s a Ponzi scheme, funded by hard working taxpayers. End the bs yesterday.
The state is required to pay its debt. There is no “end the bs yesterday”. Debt doesn’t work like that. If the state needs to raise taxes to pay the debt then that’s exactly what will happen.
States defaulted on public debt during the Great Depression. Puerto Rico found a way to do it without the bankruptcy law. California more recently defaulted: see below. Just now, federal law does not let states file for bankruptcy. Thus being “required” to pay debt is no assurance that debt will be paid. Predicting “exactly what will happen” is beyond your power as a presumed mortal. So you are cheerleading like any politician or football coach. Except more persistent. A referendum to change the constitution to permit a new level of income tax will be required and if it loses, then… Read more »
Not gonna happen……..the rich want to own it all and don’t care about the little guy…..been happening for a while now………Trump gave the little guy a fair playing field cause he gets it…….look what is happening to him! believe him when he says QUOTE: THEY DON’T WANT ME…… THEY WANT YOU…. AND I’M JUST STANDING IN THE WAY..UNQUOTE!!
Yes, and then the threshold would be $500K and then $250K and then $100K. A tax by any other name …