-- 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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Interesting what was once considered immoral and illegal becomes legal when the state finds a way to tax and control it.
Much like booze and marijuana – except I’m told there are medical benefits to marijuana.
I don’t think there are any personal benefits to legal gambling in IL unless you win, but then the state wins yet again with taxation on winnings.
Gobsmacked that in IL winners can’t offset with losses at tax time. Well, like they say, the house always wins, that’s how they keep the lights on.
Biden Bucks are everywhere.
Does anybody know what the full vig (including taxes and the house take) is when you make one of these legal bets? And how does that compare to the illegal places still operating? (Not that any of you would do such a thing.) Or maybe we can figure it out. Total bets have been $8.9 billion. Taxes have totaled $105 billion, plus revenue for the book makers has been $651 million, totaling $756 million That means the big including taxes would be about 11.8%. Is that a correct way to do it and how does that compare to illegal bookies?
The vig is different for each bet whether you are using an offshore account like Bovada or one of these legal Illinois sites. It’s not like an old school bookie that charges you a flat 10% for each losing bet. Figuring out the tax revenue is even more complicated than just taxing the profits from the bookmakers. In Illinois, a bettor is taxed on their gains but they are not allowed to write off their losses. Imagine having $1,000 winning bet but also $1,000 losing bet. In Illinois tax world I need to pay 4.95% tax on the winnings even… Read more »
Thanks.