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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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I think you folks are missing the point. It’s a federal tax so moving the CME to Florida or Texas won’t avoid paying the tax. Exchanges could move offshore but the tax would likely tax all U.S. citizens who trade offshore markets as well as domestic markets. The transaction tax is a horrible idea and shouldn’t be implemented at either the local or federal level.
As a person who fought the transaction tax for 30 years when I was trading, I know it is a stupid tax. But, it’s been brought up every year I have been involved in financial services since I graduated from college in 1984 and likely before that. As a member of CME’s PAC, once I uncovered the fact that Illinois congresspeople like Jan Schakowsky and Danny Davis would vote for, support, and sponsor a transaction tax, I was very vocal in getting our PAC to stop donating any money to any legislator on either side of the aisle that would… Read more »
Great, give wall street a taste of the socialism they endorsed. A 1% tax per share traded, half payable by the seller the other half payable by the buyer. Going short in a hedge fund? Then you have to front the whole 1%! Give me hell Biden.
Great idea! let’s send what’s left of our financial transaction firms to FL and TX. Ken Griffin is already in FL, not sure if he’s ever coming back, next he’ll move all of Citidel.
These moron legislators hear a sensationalized news story and want to upend the law, and entire industries, because of a few reddit guys.
This is no way to legislate.