-- 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 can see the headline now. “I didn’t raise the property tax.” Meanwhile taxes go up in the form of a sales tax so yes, you pay more taxes regardless of how they are paid.
By the way, did you hear that the lottery was going to fund education?
“I worked over in Belvidere, and we actually put this in place in Boone County,” Brown told school board members. “It has been very successful over there.” – Successful for who???
If this tax is implemented that would make the sales tax at 9.75% one of the highest in Illinois. The 1% increased would be implemented in smaller increments over a few years. This is another excellent reason to shop in Beloit with sales tax of 5.5%. Gas is $2.64 today. Wisconsin loves Illinois raising their taxes. If I’m not mistaken they have a surplus.
Fred, let’s keep shopping and gassing up in Wisconsin our little secret. New Glarus selections too….
Spotted Cow!
Good beer
Well back in Michigan there’s no such thing as a “county wide” sales tax rate. There’s only the state wide sales tax rate of 6%.
Leave it to Illinois to develop another new and novel way of raising revenue (or more precisely chasing out the productive).