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Old 05-11-2018, 12:03 AM
 
20,251 posts, read 19,824,138 times
Reputation: 13332

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I live in NJ and we're in just as bad a shape or even worse when it comes to tax burden (especially property taxes) and our unfunded pension liability.

Our newly elected Governor stated he will be raising taxes.

Good luck IL.

"An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years....."

"......Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000....."


Chicago Fed Thinks It Knows How To Tax Illinoisans Fleeing Pension Liabilities


Here's the proposal from the Federal Reserve Bank of Chicago's web site:

How Should the State of Illinois Pay for its Unfunded Pension Liability? The Case for a Statewide Residential Property Tax | Midwest Economy
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Old 05-11-2018, 02:59 AM
 
Location: Brackenwood
9,915 posts, read 5,591,767 times
Reputation: 22073
Illinoisans particularly in the Chicago area are mostly fleeing punitive property taxes and the corrosive effect they have on home values, so naturally the solution is to... raise property taxes!

I say go for it. There doesn't seem to be any stopping the feedback loop now, so we might as well accelerate it and face the day of reckoning sooner rather than later. We should also change the bankruptcy laws to allow states to declare bankruptcy. That way the taxpayers have a relief valve to stop the public-sector unions from bleeding every possible drop from them.
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Old 05-11-2018, 07:07 AM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,416,583 times
Reputation: 3987
Quote:
Originally Posted by Bitey View Post
Illinoisans particularly in the Chicago area are mostly fleeing punitive property taxes and the corrosive effect they have on home values, so naturally the solution is to... raise property taxes!

I say go for it. There doesn't seem to be any stopping the feedback loop now, so we might as well accelerate it and face the day of reckoning sooner rather than later. We should also change the bankruptcy laws to allow states to declare bankruptcy. That way the taxpayers have a relief valve to stop the public-sector unions from bleeding every possible drop from them.
Yes, and the politicians that the public sector unions helped get elected are going to be the ones deciding whether or not to file bankruptcy to diminish the benefits of those same people. Might as well not even bother dreaming about that one. Only when our voters demand accountability and stop blindly voting Democrat will that have any chance of happening.
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Old 05-11-2018, 07:20 AM
 
Location: Chicago
4,745 posts, read 5,544,247 times
Reputation: 6007
Sounds like the population decline will be accelerating.
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Old 05-11-2018, 08:21 AM
 
11,289 posts, read 26,106,340 times
Reputation: 11354
Well this will obviously never happen, it's just a random suggestion by a group.

Either way, the proposal is just FAR too much. This would equate to over $6 billion per year just for Cook County and nearly $14 billion per year for the state. The state needs a lot for pensions, but they would be doing overkill by trying to draw in $140 billion over 10 years for pensions. They need money, but a middle ground.
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Old 05-11-2018, 11:53 AM
 
Location: broke leftist craphole Illizuela
10,326 posts, read 17,368,437 times
Reputation: 20327
How about we have a peasants' revolt instead against the feudal Democrat and Union lords.
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Old 05-11-2018, 06:32 PM
 
12,999 posts, read 18,835,433 times
Reputation: 9236
How about a special assessment on State payrollers: 1% for nonunion, 2% on union State employees? If they don't like it, they can quit.
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Old 05-11-2018, 08:23 PM
 
Location: Boston
19,965 posts, read 8,868,980 times
Reputation: 18541
Cost money to pay retirees a "living retirement wage". Taxes need to be raised in Illinois.
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Old 05-11-2018, 09:16 PM
 
Location: North Port, FL
235 posts, read 285,316 times
Reputation: 245
Quote:
Originally Posted by Chicago60614 View Post
Well this will obviously never happen, it's just a random suggestion by a group.
No, this is a suggestion to bring in enough to erase the funding shortfall by people who works for the Fed. This should give you an idea of just how bad the pension deficit really is.
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Old 05-11-2018, 10:01 PM
 
14,801 posts, read 17,606,073 times
Reputation: 9246
Quote:
Originally Posted by thunderstruck666 View Post
No, this is a suggestion to bring in enough to erase the funding shortfall by people who works for the Fed. This should give you an idea of just how bad the pension deficit really is.
Simple reamortization of the payments will help. Along with some inflation, which our debtor in Chief is trying to create.
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