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All operators would have to pay $1 million to renew licenses every four years. After that, Illinois will take a 15% tax on all sports-betting revenue. That’s jacked up to 17% in Cook County, with the extra two points supporting the county’s criminal justice system.
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’m sure the woke will throw in a $15 per hour, healthcare and mandatory union and residency requirements onto the investors too!
Articale confirms how wildly over optimistic illinois pol think they’ll bring in a year–$60 million & $240 mill from initial licensing?? When new New Jersey has only brought in $13 mill so far this year..or maybe ill pols dont care, they can just throw out some phoney estimate of projected revenue and the let the bond issuance/spending palloza begin!!!
Cook County needs an extra 2% to prop up their criminal justice system? So legalized sports gambling increases the cost of law enforcement? If that’s the case, shouldn’t every county judicial system be reimbursed 2% by the state? Leave it to Cook County to never pass up an opportunity to add a surcharge to the state’s surcharge. What a joke.
Not that I’d ever think that readers here might be familiar with the commonly used, illegal betting sites, but isn’t the vig typically 10%? With those kinds of taxes going to the state, can the state be competitive? Is anybody going to switch to the new, legal places? If anybody knows, help me out on that.
Money grows on trees, didn’t you know? If you tax it, the revenue will come!