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.
Illinois is billions of dollars in debt. Illinois Democrats will never reform their spending and will never challenge their Public Sector Union puppet masters. So instead, they will tax the citizenry to death in countless ways: Tax on retirement income. Tax on investment income. Tax on rental property income. Tax on interest income. City of Chicago income tax. Cook County income tax. Township income tax. Ward income tax. Tax on red haired people. Tax on left handed people. You name it; they will tax it.