Wirepoints’ Mark Glennon on AM560’s Morning Answer
April 22, 2026
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Summary and audio linked here.
-- Connecting the dots between our economy, government and business --
The policy briefing claims the $6 billion in proposed new taxes will support immigrant communities, schools, public transit, healthcare access for all, senior home care, child tax credit and direct cash assistance, re-entry employment programs, violence prevention and affordable housing.
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Audio and summary Illinois bill would override local law to allow homeless living in all public parks – Wirepoints
April 14, 2026
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If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Mark Glennon on AM560’s Morning Answer: Chicago Fiscal Crisis Worse Than Pre-Bankruptcy Detroit, HIV Surge and Public Health Threat From Open Borders Goes Unreported
April 10, 2026
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Summary and audio linked here.
Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades
April 3, 2026
9 Comments
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.
Who’d a thunk it? All IL needs is more money for violence prevention. Whatever you do, don’t punish offenders commensurate with their crimes.
Illinois is reported to have 23 billionaires. Those 23 people would each pay an incremental tax of $36.5 million. The capital gains proposal is for an excise tax of 7% for gains over $250K, meaning that the effective tax rate is 11.95% on top of the 15% or 20% federal capital gains tax. The likely recipients of these taxes would also face increases in an already high rate for corporate income tax. Estate tax limits would be halved from $4 million to $2 million. By moving out of Chicago, a taxpayer can avoid responsibility for $37.2 billion of unfunded pension… Read more »
“$840 million billionaire wealth tax”
How without a progressive income tax and that’s not happening.
I’ve stated before that Illinois will try again to get a progressive income tax. If they want it to pass the next time, the GA will need to offer up an alternative to the progressive tax, The GA can pass a tax increase for our current flat tax system that only goes into effect if the progressive amendment fails. Then run ads to either support the progressive amendment and make the “rich” pay their “fair share” or everyone will get a tax increase. It will pass the moment they tie these two together.
I’ve stated before that if the political animals pass these tax hikes, the revenue will never arrive, as the targets of these taxes will have long departed the wasteland of Illinois for a more sensible location. Many already have left and this will accelerate the departure of many more.
You and others have made that claim. People made that claim when income taxes were raised. What happened? In 2011, when the tax rate was 3%, Illinois collected about 9-10 billion dollars in income taxes. When the tax rate was 3.75% in 2016, the state collected about 12.3 billion. In 2017 when the rate was raised back up to 4.95%, tax revenue increased and the state collected around 18-20 billion. While you and others are free to claim that tax revenue will decline if we increase rates, that hasn’t been the case with any of the states tax increases. Not… Read more »
But the question is what would happen at this point today, when people are so fed up with high taxes. Raising rates normally raises revenue, and it has in the past in IL. But it depends where you are on the curve. I don’t think I can prove, or that you can disprove, what would happen now. However, I find the available evidence strong that it would backfire today — IRS migration data, anecdotal testimonies galore, surveys, no private sector job growth and more. And it takes a long time for people to move before after they decide they are… Read more »
“However, I find the available evidence strong that it would backfire today” You believed that in 2017 as well Mark and it wasn’t true. I get that you and others believe that Mark. Your theory about population loss resulting in less revenue is well documented on this site. You also didn’t just start making this claim and revenue has not declined during that period even with population stagnation. My point has always been taxes will continue to be raised UNTIL we see a reduction or stagnation in tax revenue. We won’t know where we are on the curve until it… Read more »
And those same wealthy individuals have Mayflower Movers on speed dial
Something tells me these “wealthy Illinois residents” will soon be Ken Griffins new neighbors.