-- 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.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
No amount of money can ever satiate the Brandon Johnson’s of the world…there’s just not. Democrat voters are illiterate in their ability to understand politics; and history for that matter. There’s no example in history of their schemes and beliefs succeeding…none.
Yeah go Colorado like this fool where men are men and the sheep are nervous
I’m betting there simply aren’t many Chicago residents that read Wirepoints. Most already left, and the ones remaining probably have very well paid, non-transferrable skills/jobs. They will put up with just about anything the mayor throws at them.
Doesn’t the seller pay the transfer tax, not the buyer?
Last month we sold a Cook County property and WE paid the transfer taxes, not the buyer.
I’m confused – but most of what goes on in Cook County and Chicago perplexes me. Like not teaching kids to read, write and do math, instead emphasizing topics that do nothing for their job prospects … unless they decide to become activists.
Chicago has a transfer tax on both the seller and buyer. The seller portion is relatively new and they use that money as a means to subsidize the CTA. Yes, the CTA.
https://www.chicago.gov/city/en/depts/fin/supp_info/revenue/tax_list/real_property_transfertax.html
The Crains article is really good (https://www.chicagobusiness.com/politics/brandon-johnson-agrees-graduated-mansion-tax). Defines 3 TIERS for Transfer Tax: Those three tiers, as currently drafted:The transfer tax on property sales of under $1 million would be lowered to 0.60%.The transfer tax on property sales of between $1 million and $1.5 million would be set at 2%.The transfer tax on property sales of over $1.5 million would be raised to 3%, quadruple the current rate. And who pays new Transfer tax between Buyer/Seller: The transfer tax increases would only apply to the buyer side, with the exception of the first tier, which would apply to both buyers… Read more »
Thanks for the clarification.
Equally or both buyer and seller pay the same tax (the city collects the full amount from both)? Guess it’s possible.
This is insidious.
A graduated tax on home sales may need approval in Springfield
https://www.illinoispolicy.org/lightfoot-asks-springfield-for-progressive-exit-tax-on-chicago-property-sales/
If Dems in General Assembly can approve that, they will use it as a springboard for a graduated income tax grab.
The rich will exit at every opportunity. No one likes to be gouged, no one!!
Stupid move by government, but I guess that is what government is about.
LOL so Brandon “compromised” by upping the top percentage with a faux middle range.
I’m hitting you in the head with a hammer. Would you like me to start hitting you in the head with the hammer not quite so hard? Yes? I think most people getting hit in the head with a hammer will say ‘Yes’.
Spot on. The income tax started this way. In 1913 only the rich were gonna pay it…..
We all know Brandon Johnson is, at his core, a virulent anti-white racist. The goal of new taxes is to drive out ‘rich’ yt out of the loop, north and west sides, to forever cement black and brown control over the city. Few of Brandon Johnson’s voters live, or work, in million dollar properties anyways, so what do they care! Sure, the nicest and wealthiest neighborhoods in the city will be destroyed, but what do his voters care? Chicago is a tale of two cities, so to speak, and their goal is to make it one big blighted city. They’ll… Read more »
As if every policy he’s endorsed or imposed hasn’t had the singular goal of making life for the elite oppressor capitalist class even more difficult. He taxes your property, he insults your ancestors, he intentionally lets people with his color skin terrorize your neighborhood with violent crime… He doesn’t like white people, he wants them gone, and he’s happy to see them leave the city limits.
I personally hate discussing race in this way, but, I have to recognize that my enemies DO see race, and see everything in terms of race, and it would be naive to take the racial component out of all of BJ’s actions.
At this point, the non-white people are welcome to have Chicago all to themselves provided they agree to never ask for Federal assistance. Let’s see how much they enjoy paying for their own short-sighted liberal, woke decisions.