-- 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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You’re almost at a $0 PT increase. Keep trying.
Go back to the original $300 million. The slaves love it. Pass out the skin lube and they will passively acquiesce.
Adams is treading onto hallowed ground. Revisiting hospital exemptions is a great start. These institutions pay nothing under the pretense of providing “charitable” community service, while taxpayers face skyrocketing insurance premiums and out of control property taxes. What other business with those cash flows is allowed to completely avoid property taxes? This is especially true when they build sprawling, state-of-the-art facilities in our neighborhoods without contributing to the local tax base. It’s time for hospitals to pay their fair share. There are other states that have tax exemptions for hospitals, which include Dem run states with high real estate tax… Read more »
They should raise the taxes to where we are in Rockford. Here is an article from Construction Coverage. Scroll down to small metros and Rockford is at top of the list but the percentage is misleading since there are many pockets of county within the city boundaries which have a lower tax rate but they get less services than the city does. The tax rate for the city is higher closer to 3.25% of value. City rate is 10.3834%/County is 8.7268% both on 1/3rd value.
https://constructioncoverage.com/research/cities-with-the-highest-property-taxes-2023