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Should Illinois rework its contract with state employees/teachers, because the original pension was absolutely ridiculous and the math wasn't based in reality to begin with?
Or can more taxes be squeezed out of the citizens of Illinois?
I'm pretty sure Rahm "Tinkerbell" Emanuel can fix this. He once told me that he is the smartest person he had ever met, so that's got to count for something.
Or maybe the Rahm-ster will just tax all of those illegal aliens that he's giving sanctuary to.
Can't cut the pensions, they already tried it and the Supreme Court said noooooo.
Going to have to be taxes. The state's debt rating isn't good already.
Not sure why someone is mentioning Rahm Emanuel....this stuff got put in place wayyyy before he ever showed up and is a state-wide issue not just Chicago.
Illinois is one of only seven states where pension benefits are constitutionally protected and can not be cut, even in bankruptcy. The state / city of Chicago is in an absolute mess.
Can't cut the pensions, they already tried it and the Supreme Court said noooooo.
Going to have to be taxes. The state's debt rating isn't good already.
Not sure why someone is mentioning Rahm Emanuel....this stuff got put in place wayyyy before he ever showed up and is a state-wide issue not just Chicago.
Illinois is one of seven states that creates an explicit and binding contractual obligation between the state and state employee as it relates to pensions within the state constitution. It protects both accrued and future benefits. As far back as the 1940's the state has has eyebrow raising unfunded pension liabilities. This did not however stop a long line of Governors, both Republicand and Democrats, from piling on more benefits. 70 yeArs of state legislators personally benefitted from these commitments.
No idea why a poster mentioned Rahm Emanuel, Mayor of Chicago. This is a state issue.
Both Emanuel and Rauner inherited financial messes.
Raising taxes is the only way to fund these obligations. Had that been done every time the state legislator and Governor agreed to more, more, more pensions would have been funded and the people would have voted these fools out of office.
Illinois is one of only seven states where pension benefits are constitutionally protected and can not be cut, even in bankruptcy. The state / city of Chicago is in an absolute mess.
And neither the current mayor or governor had a hand in creating the mess.
Should Illinois rework its contract with state employees/teachers, because the original pension was absolutely ridiculous and the math wasn't based in reality to begin with?
Or can more taxes be squeezed out of the citizens of Illinois?
The State budget is about $69.4 Billion as of 2015.
Under pending legislation backed by top Democrats in the state, Illinois could replace its current 3.75% individual income tax with a four-rate system topping out at 9.75%. House Bill 689, sponsored by Representative Lang, would give Illinois the fourth highest top marginal income tax rate in the country, after California, Oregon, and Minnesota. Because the proposed rate schedule does not double bracket width for joint filers, the bill would also introduce a marriage penalty, meaning that married couples could pay more than they would as single filers.
And all that money to pay people not to work. Disgusting.
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