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Unhappy with the direction state budget talks are going, a group of Springfield’s leading progressive lawmakers today announced a new drive to move two much-discussed ideas that repeatedly have been shot down in the General Assembly: imposing a wealth tax and slashing the fee retailers get for collecting state sales taxes.
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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This Is What Happens When Socialists Run Out Of Other People’s Money — They Try To Steal Something Else
What’s the net present value of a public sector pension?
On average, I’d say $2M. My guess is at least a third are +$4M
This will be another KISS OF DEATH for Illinois. The rich will flee in ever increasing numbers. Tax revenue will plumet for generations to come.
It’s NEVER a spending problem. It’s ALWAYS a revenue problem in Springfield.
This tax, since it can be applied to any specific assets or income (based upon specifics decided in Springfield), should start with taxation of the income derived from inter-vivos, grantor’s trusts, and generation-skipping trusts which Pritzker family enjoys. Governor can explain it in Springfield, and they can write language to tax it. Also, the fact that real estate assets like downtown hotels may be placed in trust and the inflationary appreciation is then protected from capital gains tax should be addressed.
The Governor can explain how it works, and Springfield can get right on taxing it properly.
Sue, I enjoy reading your prose and you sure do your homework.
Your medical insight is also appreciated.
Accelerate!