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.
Illinois is DOA.
How about a clawback for all the pensioners that move out of the state? Why do we pay so much and have people leave. If you aren’t willing to stick in a state that you helped bury itself you should lose a good 30% of your benefits.
Nice try, but no cigar!
The irony is they leave for low/no tax states like Florida because IL taxes are too high. They should be paid in scrip money that can only be spent in Illinois.
Maybe you’re getting a step or two closer in your logic, but you’re only at plan #2. Keep working on it. I want to see plan #4 at least. As things stand now, plan #2 will never happen. That’s not to say it can’t happen with some more tweaking.
Hey Wirepoints – In your inbound/outbound migration data, can you tell how many retirees move INTO Illinois compared to other midwestern states? I’d like to know if we actually attract retirees with our no-tax tax incentive in relation to neighboring states
Good question, but I am aware of no way to measure that.
After that there probably will be a state wide property tax of 1% especially if the progressive tax fails. Might as well have a hypertension and diabetes tax since Covid loves people who have that. Throw in an obesity tax for good measure.
that’s funny. if we could tax riots and looters we’d be ok, too. maybe permits bought at city hall. or a personal rioters city license.
and
hydroxychloroquine is cheap, chicago could sell at a huge profit since it works but you can’t get it anywhere-
Yes the progressive tax is a precursor to a retirement tax. Not to worry though as several other taxes will appear first to provide ample warning. Progressive Tax passes. If it doesn’t pass then flat tax increase with promise to lower taxes back to 4.95% once passed. Rates are raised so top bracket is in 13% range. Low range in 6 or 7% range. This will be adjusted during steps 3, 4, and 5 based on will of electorate. Service tax added for hair cuts, car repair, lawn service, etc… Retirement tax added. To start at retirement income over 100k… Read more »
Unfortunately you are correct. It’s too late for IL to go RED this fall as too many BLUE races are current unopposed.
Taxing retirement income will cause a wave of retirees to leave IL and dissuade others from moving there. It’ll be Chapter ??? of the Incredible Shrinking State book. It has a lot of chapters.
Also, just like with workers, wait until retirees find out that, based on the progressive tax rates, they’re affluent and get a huge income tax rate. Congratulations will be in order.
the greed of big government in general and of the Dictator for Life specifically are insatiable
We left to a free southern state,it is dangerous to live in illinois.Wait till they open the prisons!!! They have all ready,on a small scale,If you are stupid enough to live there now,what will you do when the con is in your house,call a social worker?to beg the con to leave your house.