-- 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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JB is happy to help businesses avoid federal taxes, but he screwed small businesses on lowering state income taxes. He is a self serving hog. Nothing more.
It’s my understanding most high-tax blue state have already passed some type of SALT cap workaround by now to offer a tax break to stop the well-to-do mostly lawyer, doctor, tax pass through entity set from fleeing to Florida. So now Illinois has has joined the list, surprised its taken so long. But how does SALT cap workaround/ tax break for the well-to-do fit in with progressive dem endless equity hustle talk? Correct me if I’m wrong, but it was always in the cards when JB was trying to push his ‘fair tax’ as an increased tax on well-to-do that… Read more »
JB is. a dope!
Despite Pritzker’s thinking that his rulings supersede the Constitution I doubt very seriously his ability to change the Interval Revenue Code, Regulations and pertinent rulings. Tread carefully on this and consult a competent tax advisor before following his lead.
I believe the IRS issued guidance that OKd this, which other states are doing, too. But, as you say, get competent tax advice.