Retiree tax, double tax, city tax all likely with Pritzker’s ‘fair tax’ – Illinois Policy

"Tax rates for more than 100,000 small businesses could jump as much as 47%, from 6.45% to 9.49%. Small businesses have been responsible for 60% of the state’s job creation and have been Illinois’ economic engine since the Great Recession."
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rick1099
5 years ago

Here’s an idea, stop spending on social issues. Millions are dumped every year into funds to help the so called under privileged. Rent, food, medical care, phones, internet, computers, schools meals (breakfast, lunch and dinner) even on closed school days and summer vacation, child care etc etc etc, it’s never ending s let’s add millions more. Live within a budget like responsible people do. Another idea is for all elected and appointed positions in state, county, and city governments to take a 10 to 20 % pay cut. Appointed positions should not be for profit or pensions. Elected positions should… Read more »

The Truth Hurts
5 years ago

Step 1. Pass progressive tax. If it doesn’t pass then increase flat tax to provide leverage to pass the tax on another attempt. Step 2. Start taxing services. Step 3. Increase rates so that it more closely aligns to California. Think top bracket around 12-13%. Lower brackets around 7%. Increases to the brackets will start before service taxes but won’t reach full amount until after service tax implemented. Who am I kidding, the top rate is never final. Step 4. Begin taxing “rich” retiree income. Sold as the ability to get some of those “rich” pensioners and corporate raiders. Plus… Read more »

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

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.

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