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The Chicago Tribune Editorial Board cited Wirepoints’ research into the IRS’ “Safe Harbor” issue and how it could impact Illinois’ Tier 2 pensions. Like Wirepoints, the board says lawmakers need to learn far more about the IRS rules before passing any legislation.
Read more from Wirepoints:
Glennon raised the stakes of the moment in broader civilizational terms: “This election in Illinois is not about the usual pedestrian issues… it’s about nothing less than whether Western civilization survives in our democratic republic of America because [the left], just on the open border alone, will destroy the country, and now they’re bringing in the jihadists, frankly, into the party.” Audio and summary linked here.Audio and summary linked here.
New Trier High School made national headlines nine years ago as a “canary in a coal mine” for political indoctrination in public schools. The canaries lived.
Audio and summary linked here.
Among the consequences of economic growth that badly lags national averages are billions of lost revenue every year. Yet denial reigns in Illinois, fueling the vicious cycle of demand for higher taxes.
The CT article sums it up. We need to know the TRUTH. If there is a problem it must be addressed or further legal challenges will make it even more expensive to solve. If it is not a problem then it can be laid to rest and we can forget about it.
The “Problem” is the taxpayers Problem, not Springfields. Just expect higher and higher taxes. Pensions are paid out for 30 plus years with 3% increase every year. Pensions are NOT TAXED in Illinois.
There is a 24 page “guidance” on these safe harbor rules found at: https://www.irs.gov/pub/irs-tege/public_employers_outreach_guide.pdf In 1980, the SSA issued guidance found at: https://www.ssa.gov/policy/docs/ssb/v80n3/v80n3p1.html. Trump agencies (IRA & SSA) are probably the last places to go for rulings on the current situation, which might have been advisable in earlier years. However, forcing local bankruptcies and enabling state bankruptcies might sound attractive to Trump and Musk and soften up the public for curtailment of federal entitlements. Just think: it could all be blamed on Dem states like IL and NJ. To be sure, the theoretical problem gets bigger as time goes by… Read more »
You have written an intelligent response.