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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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Not indexing the personal exemption to inflation is a hidden tax hike. And the personal exemption has not properly scaled with inflation from when it was first introduced in 1969 at $1,000. It should be over $7,000 today (there is a bit of nuance as some current deductions were not available in 1969, like the property tax credit). The 2012 change did little to remedy the original sin.
Love the way they still blame Rauner. It’s all due to Bidenflation.
My question to the Sun Times is isn’t it a little bit late to inform the public that Pritzker, via the freezing of the tax credit, hiked State income taxes? An across the board tax hike is sure to raise the ire of the populace but, as we see, the press once again shows favoritism towards Pritzker and his cronies at the Statehouse. I often blame the Illinois voters for certain things but with the press becoming simple propaganda machines perhaps my blames are misplaced.
What difference would it have made to report this change earlier (even if the journalist had been aware of it)? Yes, it is a tax increase, and most of us probably wouldn’t have noticed it. The increase is, imho, quite wrong and unwise, but so are most of the other taxes.
What’s really of interest here is that nobody will accept responsibility for it, and we might thank the journalist for discovering that.
You’re quite correct on that as we now live in the realms of “we have to pass it to see what’s in it.” However shouldn’t it be the individuals choice to decide to take any action on it one way or another? As an example to some it may have been the straw that broke the camels back regarding staying in Illinois. Others may have used the info to make voting choices and some to utilize in campaigning. My point is though is the press news or is it a propaganda machine for Pritzker? My guess is very close to… Read more »
I remember when JB doubled the gas tax and indexed it to inflation to ensure it kept growing. Of course the trust fund billionaire, obnoxious hypocrite that he is, thinks it is okay to forever increase taxes based on inflation but forever freeze a tax exemption so that it cannot increase with inflation. The man has not one redeeming quality.
Just another way to steal from the taxpayers, gimme,gimme until there’s nothing left to take.