Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-12-2018, 10:01 PM
 
Location: Suburb of Chicago
31,848 posts, read 17,543,036 times
Reputation: 29384

Advertisements

So in my circle taxes would increase anywhere from $4,500 to $45,000 a year.

There's a reason so many have moved out of the state. Nearly every retiree I know has moved or is planning to leave.

Typical Illinois clustermuck.
Reply With Quote Quick reply to this message

 
Old 05-13-2018, 12:27 AM
 
Location: Phoenix
3,211 posts, read 2,232,901 times
Reputation: 2607
Quote:
Originally Posted by BentBow View Post
There is a reason pyramid schemes are illegal.
Welcome to socialism.
I fear this one will end very badly.
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 04:55 AM
 
Location: the very edge of the continent
88,800 posts, read 44,610,756 times
Reputation: 13625
Quote:
Originally Posted by michiganmoon View Post
Yes the pension funding crisis is a nationwide issue from the local level to the state level and even up to the national level.

The federal employees have pensions that are way underfunded...and oh yeah social security.

Federal Pension Gap Grows As Agencies Ignore | The Daily Caller
Yeah, but Illinois takes it to a whole other level.

Interesting chart. Look at the annual pension amount, and then at the last column which lists the percent of the estimated lifetime pension payout that was funded by the retiree him/herself:

http://www.taxpayersunitedofamerica....Grids-2014.pdf
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 04:57 AM
 
Location: Atlanta, GA
995 posts, read 506,427 times
Reputation: 2170
Why would it be so hard to amend the state constitution to reduce pension benefits? They must know that a massive tax increase would mean the end of the current state government - they need to be reducing taxes, not increasing them.

I find it galling that taxpayers are expected to pay through the nose so that retired government workers can live high on the hog, enjoying a retirement that most of us can only dream about. How is this remotely fair?

Save Illinois - ditch those pensions!
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 06:30 AM
 
4,345 posts, read 2,779,430 times
Reputation: 5818
Quote:
Originally Posted by cttransplant85 View Post
They will elect Democrat leadership in Washington who will bail ILL out with taxpayer money from the states who elect responsible governance.
Sen. Schumer has a bill that would do exactly that.
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 06:53 AM
 
Location: Boston
20,023 posts, read 8,913,884 times
Reputation: 18602
they need to raise both property and income taxes in Illinois. The people decided that when they elected the legislators that approved these pensions. Time to pay up people.
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 06:54 AM
 
Location: The Republic of Texas
78,866 posts, read 46,512,309 times
Reputation: 18520
Everything funnels to the top of the pyramid in marxist socialism.
the 1% Welcomes Democrats!
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 06:59 AM
 
41,815 posts, read 50,926,180 times
Reputation: 17863
Quote:
Originally Posted by Radical_Thinker View Post
Save Illinois - ditch those pensions!

The big issue is people have planned their retirements based on what they were promised, perhaps they didn't save as much as they would of without these very generous benefits. Rightfully they should be angry if someone takes that away from them.



They should of never received them to begin. Something has to give and one route is they can substantially reduce salaries/benefits for new employees(including teachers) but that is a long term fix. Of course they can raise taxes or amend their Constitution and cut the benefits.


Ideally the retirees negotiate this for minor reduction, raise the taxes a little and cut the salaries/benefits for new hires to a sustainable amount.
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 07:05 AM
 
7,264 posts, read 4,192,096 times
Reputation: 5465
and most pension plans forecast a 7-8% return on their investments (mostly govt. bonds), when interest rates are near historical lows. So the problem is worse than stated.

this won't end well and taxpayers and millennials will foot the bill.
Reply With Quote Quick reply to this message
 
Old 05-13-2018, 07:07 AM
 
Location: Heart of the desert lands
3,976 posts, read 1,980,055 times
Reputation: 5219
Quote:
Originally Posted by michiganmoon View Post
Every person in Illinois owes $11,000 for pensions, with no fix in sight

To get the Illinois pension back up to par for state employees every person in Illinois would need to chip in $11,000. So a family of 5 would need to chip in $55,000.

Adding to the problem is that the stock market is at near highs and for several years now have had historically high p/e rations suggesting the stock market might be overvalued and due for a crash, which would make the Illinois pension on worse footing.

Illinois' state constitution says that benefits can't be lowered, so unless a difficult amendment happens, there needs to be a dramatic escalation in taxes...


One possible solution floated is that a 1% annual increase in state property taxes to prop up the pension needs to be implemented for 30 years, which would then secure the pension. So someone with a $250,000 would then owe an additional $2,500 every year for 30 years to secure the pension. Foolishly assuming that the home wouldn't increase in value, a $250,000 home owner would end up paying $75,000 to secure the pension over the course of 30 years. The problem with this plan is that Illinois already has the highest property tax average of all states and it might tempt some businesses to leave the state.

This solution would only fix the Illinois state pension and NOT the 650 local pensions in Illinois that are struggling too.

https://www.zerohedge.com/news/2018-...ension-problem
California is in a bad way also.

When it reaches critical mass, and is about to collapse, these states run by democrats will certianly have their hands out for the fed govt to "fix it".
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Politics and Other Controversies

All times are GMT -6. The time now is 02:28 AM.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top