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Alaska, Arizona, Hawaii, Loisiana, NY have similar " bullet- proof" constitutions. Alaska, Illinois and NY are the only three states to go so far as to protect future accruals.
The Illinois Supreme Court determined the 2013 law that was intended to scale back government worker benefits was unconstitutional. This also killed Plan B for Chicago. Rauner can pursue an amendment to the state constitution, a huge challenge.
He and Rahm could take it to the people because the current situation serves no public interest.
Yes an amendment or raising taxes are the only options. NY has revised the state pension system around 6 times since the 1970's, back then employees didn't even pay into their retirement system. Taxpayers are still paying the pensions of employees who didn't donate, it takes 20-30 years for reform to have an impact but they need to start somewhere. I think Illinois may have changed the pension system once and they attempted to increase employee donations.
Over the years all the states have become enamoured with making risky investments in the stock market rather increasing donations and using low risk interest bearing instruments, we don't need a repeat of 2008.
Last edited by Goodnight; 10-16-2015 at 12:44 PM..
The corporate tax rate there is 7.75%, it could probably go up a little bit to help with the budget.
Look at post 73 in this thread.. Do you see that big grey colored state in the bottom? Each time a blue state raises taxes, more and more businesses move to that big grey state.... Be my quest. Raise your taxes all you like.
That doesn't mean businesses would flee the state, if that were the case, Mississippi would have a booming economy and Ohio wouldn't still be a rust belt state.
Look at post 73 in this thread.. Do you see that big grey colored state in the bottom? Each time a blue state raises taxes, more and more businesses move to that big grey state.... Be my quest. Raise your taxes all you like.
Notice that big dark blue state on the left of the map, they have a lot of businesses there too. The corporate tax rate isn't really a good measure on where businesses go.
Notice that big dark blue state on the left of the map, they have a lot of businesses there too. The corporate tax rate isn't really a good measure on where businesses go.
Been to the Toyota plant there in that big blue state lately??
You keep thinking that....
Last edited by freightshaker; 10-16-2015 at 02:18 PM..
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