Wealthy Illinois residents could see taxes spike – Fox Business

Comment: Note the remarks from JPMorgan’s Michael Cembalest, whose work we've written about often here. He said Illinois was one of two states where “deteriorations in pension finances … are practically irreversible.” In order to address its pension gap, Cembalest said the state would have to either increase tax revenues by 25 percent, increase public sector worker contributions by 689 percent or achieve an annual investment return equal to 11.5 percent.

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world with end
4 years ago

“Wealthy Illinois residents could see taxes spike” … or they could move out of state and see taxes lower. Let’s see, if I’m wealthy, which situation would be better?

With all of these crazy proposals to gouge the IL taxpayer, you’d think that the IL pols think moving out of state isn’t an option.

I don’t get it.

debtsor
4 years ago

“Cembalest said the state would have to either increase tax revenues by 25 percent, increase public sector worker contributions by 689 percent or achieve an annual investment return equal to 11.5 percent” Why only focus on one? With all three, Illinois could be a liberal utopia! The state could pay for mobile abortion clinics to just roll up into neighborhoods with a bullhorn that shouts “abortions, abortions, abortion for free, abortions for everyone!” We could have marijuana dispensaries from vending machines in gas stations and public restrooms. My newest idea is the ‘homeless’ tax. Everyone has to take a homeless… Read more »

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A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign

“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”

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