-- Connecting the dots between our economy, government and business --
You guessed it.
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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Sorry to rain on your parade, but any study that ranks Washington DC #11 while ranking Virginia #25 is highly suspect. If you were to survey 1000 people in the DC metro area, I bet 950+ would tell you that the overall tax burden in Virginia is lower, because sales and property taxes are roughly comparable but income taxes in Virginia are far lower. Virginia effectively has a 5.75% flat rate (for income above $17,000) while DC has the following rate structure: 4% on the first $10,000 of taxable income. 6% on taxable income between $10,001 and $40,000. 6.5% on… Read more »
How many millionaires live in DC? The tax structure actually scares them away. They all live in VA. Few likely pay that rate.
#52 is just one Darren Soto bill away…