-- 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
“Lightfoot to ask legislature for power to drive businesses and homeowners out of the city who haven’t already left” is more like it.
What is a high-end professional service? Seems vague.
Anyone who gets a paycheck. Just like the distracted driver law. If you sneeze or eat a sandwich not just texting you could get pulled over.
Previously I read legal and accounting services. I’m thinking one example would be the divorce attorney that collects $20,000 – $30,000 for each case. So now that attorney will pay a tax of $1,000 to $3,000 on each case. Now the poor person who just lost half of everything will now lose another $1,000 to $3,000. Sounds a lot better though if you make it look like the rich divorce attorney has to pay the tax. Just wondering, could a labor union be considered a professional service?
“Now the poor person who just lost half of everything will now lose another $1,000 to $3,000. ” Most customers – especially those outside the city limits – are going to tell their professional to eat the tax. My customers will look at me like a crazy person and then laugh when I try to charge them an extra 10% sales tax. This is a tax on small business owners whose clients won’t be paying the tax. But like I said, my office will be moving out of chicago if this applies to my professional services outfit. I already have… Read more »
well 70% of our GDP in america is Service based so who the hell knows
Ounce the door is open with new tax on ‘high-end professional services’ whatever that means then its the same argument against the graduated state tax..tax on high-end services is just a teaser introduction tax before city’s taxing haircuts and every other service