-- 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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I cannot find the details. A tax if one earns over a million or is a millionaire? If a tax on millionaires then a tax a people who saved money.
Is this the same Pat Quinn that “temporarily” raised the states income tax 66%?
He did raise it to 5% and it was only temporary. This income tax rate expired on January 1, 2015. 2.5 half years later in July of 2017. Quinn was long out of office. This is no different than the dems health care subsidies that expire at the end of this year. They were temporary and the current congress and president are not obligated to extend them. Nothing prevented the Illinois GA from keeping tax rates low other than their desire to not cut spending. Since the voters don’t reward fiscal austerity, they chose the path that would most likely… Read more »
Short term gain long term large loss. People with lots of money create economic activity that also will be lost, and lower tax revenue will result. Illinois is losing population already and will lose more. The people with money are also the job creators, lose them and lose the future opportunities for the next generation.
You’d think by now we would’ve stopped hearing about these Dems’ hare-brained schemes to increase taxes on the affluent. You’d think these Dems’ would’ve heard enough from learned people why that’s a bad idea; i.e., Illinois would lose high earners and their contributions to Illinois’ economy.
Tell me how, with all his offshore trusts etc, how this will affect Pritzker’s bill?
If you listen closely you can hear the jet engines warming up. Hello Florida- Howdy Texas
Define “millionaire”.
Love the comment “ THAT’S A LOT OF MONEY!!” Don’t reduce spending just increase TAXES .
No problem, the millionaires will leave, and the Democratic tax burden will fall on working families.
I’m guessing Quinn didn’t hear the one activist, P ‘Rae, entreating Ken Griffin to please return to CHI and can’t figure out why Griffin beat it down to FL.
I knew Quinn was stupid, just not an idiot.
I admit I was mistaken.
The money exodus is starting those rich folks will find a way to leave Illinois and the taxes
they want to levy ,watch closely when animals do not have enough to eat, they start eating their young.
The politicians are very hungry, keep your wallet close, your money closer.
Quinnochio is like herpes — he never goes away.
How about cutting spending in all Illinois government agencies, state and local by 3% yearly. Quinn is still a moron .