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No problem, just lower taxes and watch the money roll in.
For all the complaining I have heard about Illinois taxes, I am surprised their top rate is actually lower than some surrounding states. Especially Wisconsin, with its proximity to Chicago...I'd say Indiana is a great deal for a Chicago commuter, but quite a bit of that part of Indiana is sketchy AF.
I wonder why he’s not bitching about Iowa’s high rates (already high and have been)?
They’ll just kick the can down the road like most politicians. Putting the growth estimates back to 4-5% and asking for more contributions and or decreased pay outs is political suicide...
And in Oregon I believe their Supreme Court ruled it illegal to decrease pay outs...so you have limited options here.
Moral of the story:
1. If it sounds too good to be true (ie retire after 25-30 years with 1/2 your salary for life) it is
2. When the government says it will cost X they usually grossly underestimate and get it all wrong
The cheetos tax cut of over a trillion bucks could have eliminated all 50 state's debts.
I’m not a constitutional scholar but I’m not sure if it’s kosher for the federal government to bail out a poorly run/conceived state pension plan.
I may be wrong about that but the federal tax plan seems like a different issue at hand here.
Didn't seem like a problem when we bailed out the automakers and banks.
A lot of people had a problem with that, both sides of the aisle to some degree. I had a problem with it - privatizing gains, bailing out losses.
But this is state vs federal government issues which I suspect there’s more case law or precedent for I’d guess. Again, I’m no scholar on this stuff though.
I have a bachelor 30’s friend that works in Indiana but lives in Chicago downtown. He says very sketchy.
Chicago is a fantastic city though if you have money, especially if you luck into a mild winter.
The big issue is that the people on the hook, the taxpayers, don’t have a seat at the table when these pensions are negotiated. The politicians want elected and the government workers want unbelievable benefits. In turn you get politicians that give the unbelievable benefits to get elected by the workers that vote them in office for that reason. Why would they care, they won’t be around when its time to cash in on those promises.
The negotiations should involve the politicians, the workers, and an independent/nonpolitical representative to make sure taxpayers interests are protected.
do you honestly believe teacher and other public employees go into the government sector because the pay is so good? if not the pay, then what? you're crazier than hell if you think for any other reason than bennies.Do you honestly believe that? You honestly believe teachers and other public employees are getting “unbelievable benefits?”
My wife is a teacher. Her benefits are better than mine. Her retirement system is better than mine. Absolutely.Do you honestly believe that? You honestly believe teachers and other public employees are getting “unbelievable benefits?”
Do you honestly believe that? You honestly believe teachers and other public employees are getting “unbelievable benefits?”
Simpe solution.....if you promise the benefits, you pay the benefits. You raise taxes enough to do so and stop whining.
do you honestly believe teacher and other public employees go into the government sector because the pay is so good? if not the pay, then what? you're crazier than hell if you think for any other reason than bennies.
yeah, that's great. screw everybody because the government screwed up and gave unreasonable benefits to the few.Simpe solution.....if you promise the benefits, you pay the benefits. You raise taxes enough to do so and stop whining.
Or stop lying to them and stop passing the buck to future generations and making promises that are unrealistic.Simpe solution.....if you promise the benefits, you pay the benefits. You raise taxes enough to do so and stop whining.
You'd have to raise taxes to somewhere around 40-50% on all Illinois residents to come close to meeting the unfunded pension liabilities.
Increase Illinois tax revenue by 10% for 20 years and the public pension short fall is remedied.
Can't wait to hear this answer.What do you mean "by 10% for 20 years...."
To make the math easy, do you mean if they were collecting 100 dollars per year in 2017 if they just collect 110 dollars in 2018-2038 it'd be OK, or does it need to go up 10% every year?
Bumping revenue by 10% in one year is incredibly aggressive though. It could be done by as noted above to get that kind of revenue increase your rate increase has got to go up substantially or somehow you've got to widen the base/grow the economy a large amount quickly.
Yeah FVCK THATIt would require an average of $1100 per year tax increase per person in the illinois work force for the next 20 years. Done.
It would require an average of $1100 per year tax increase per person in the illinois work force for the next 20 years. Done.
The big issue is that the people on the hook, the taxpayers, don’t have a seat at the table when these pensions are negotiated. The politicians want elected and the government workers want unbelievable benefits. In turn you get politicians that give the unbelievable benefits to get elected by the workers that vote them in office for that reason. Why would they care, they won’t be around when its time to cash in on those promises.
The negotiations should involve the politicians, the workers, and an independent/nonpolitical representative to make sure taxpayers interests are protected.
hahha how would each person do that ? That is huge. are you being serious?It would require an average of $1100 per year tax increase per person in the illinois work force for the next 20 years. Done.
hahha how would each person do that ?