Rush Limbaugh wrote an article yesterday saying that statewide property we’ve been covering is a done deal. The “Federal Reserve in Chicago is instituting new massive property taxes as a stopgap way of helping to fund at-present unfunded pensions and liabilities in the state.”
Hardly. It’s just a proposal by three economists at the Chicago Fed. As we wrote, it’s important for several reasons, but very unlikely to become law. Outside of the three economists at the Chicago Fed, nobody, to my knowledge, is actively pushing for its implementation. And does Limbaugh really think the Chicago Fed could levy that tax?
We have enough problems in Illinois without Rush Limbaugh or anybody else exaggerating.
–Mark Glennon is founder and Executive Editor of Wirepoints.