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Message
re: Chicago Mayor: city finances are at “a point of no return” & they need massive tax hikes
Posted on 8/7/25 at 5:46 pm to coolpapaboze
Posted on 8/7/25 at 5:46 pm to coolpapaboze
This is what happens when you have a public union negotiating for pay with their votes.
Cant give me the 10 percent pay raise. Okay. Over the next few contracts they negotiate, fully vested pension at 20 years. Pension at 75% of my highest year pay, no overtime restrictions. On your 20th year you "work" 50% overtime and end up with a pension higher than any year you ever worked at 40 years of age.
And yes California is in similar shape. They even "projected" their funds by using some ridiculous formula by saying they would put the thing in the highest performing stocks, a select few and extrapolating they would continue on the same path.
But lets be honest, they are doing the same thing the feds did with SS, they took all the interest for 70 years and then claim....a lot of people are retiring and living longer.
Cant give me the 10 percent pay raise. Okay. Over the next few contracts they negotiate, fully vested pension at 20 years. Pension at 75% of my highest year pay, no overtime restrictions. On your 20th year you "work" 50% overtime and end up with a pension higher than any year you ever worked at 40 years of age.
And yes California is in similar shape. They even "projected" their funds by using some ridiculous formula by saying they would put the thing in the highest performing stocks, a select few and extrapolating they would continue on the same path.
But lets be honest, they are doing the same thing the feds did with SS, they took all the interest for 70 years and then claim....a lot of people are retiring and living longer.
1
Posted on 8/7/25 at 5:56 pm to Bjorn Cyborg
quote:
It's a good thing the rich people are trapped in Chicago and cannot leave if they raise taxes on them.
Oh not so fast my friend. They have a local real estate transfer tax on the sale of your home, the state also tacks on another transfer tax.
Posted on 8/7/25 at 6:32 pm to GeauxBurrow312
Youre right. Not COVID, the 08 financial collapse. 
This post was edited on 8/17/25 at 10:02 am
Posted on 8/7/25 at 6:35 pm to tide06
quote:
This is what they voted for.
yep now they get to pay massive tax hikes lol
Good luck to them clowns
Posted on 8/7/25 at 6:37 pm to SPEEDY
That’s what you get for embracing policies that will NEVER WORK!
Posted on 8/7/25 at 7:14 pm to SPEEDY
Nice city to see go further down the drain. It serves them right bc they been a bunch of cheaters at the polls forever
Posted on 8/7/25 at 7:18 pm to SPEEDY
The federal government says to hold my beer.
Posted on 8/7/25 at 9:49 pm to SPEEDY
“I plan to put together a plan”
How about, big jobs are for big boys, and let’s start hiring big boys to do them. Is there a big city mayor that is worth more than they cost? Seriously, US mayors of the bats 30-40 years have been grossly negligent.
Regardless of merits or personal preferences, The United States has a little wiggle room when it comes to servicing debt (ie they control the currency). Chicago facing $1B in shortfall and having no answer other than, hey let’s find some revenue, is negligent. Not just anyone can unfrick this, it really expensive and time consuming. His only answer is “let’s tax the producers more”. This is the micro version of socialism playing out. It’s unfair to the rest of the US that these rackets continue to exist
How about, big jobs are for big boys, and let’s start hiring big boys to do them. Is there a big city mayor that is worth more than they cost? Seriously, US mayors of the bats 30-40 years have been grossly negligent.
Regardless of merits or personal preferences, The United States has a little wiggle room when it comes to servicing debt (ie they control the currency). Chicago facing $1B in shortfall and having no answer other than, hey let’s find some revenue, is negligent. Not just anyone can unfrick this, it really expensive and time consuming. His only answer is “let’s tax the producers more”. This is the micro version of socialism playing out. It’s unfair to the rest of the US that these rackets continue to exist
Posted on 8/7/25 at 9:55 pm to SPEEDY
LOL at the idiots that voted for this. Watch the mass exodus out of Chicago. But don’t come down south and then vote for that same stupid crap.
Posted on 8/7/25 at 10:04 pm to MemphisGuy
quote:
At what point do some of these place attempt to start taxing people for leaving?
New Jersey does this. My sister and BIL had to pay a tax on the sale of their house when they moved from the state. I just looked it up: it's either 9.87% on the profit or 2% of the gross, which ever is larger.
Posted on 8/8/25 at 3:53 am to SPEEDY
LOL. Duh, we gave away all our monies. we out.
we need mo. we don't know what to do.
Had they not given their money away to illegals, perhaps they wouldn't be broke. just a theory.
btw, zero sympathy.
we need mo. we don't know what to do.
Had they not given their money away to illegals, perhaps they wouldn't be broke. just a theory.
btw, zero sympathy.
Posted on 8/8/25 at 4:05 am to Tchefuncte Tiger
quote:
New Jersey does this. My sister and BIL had to pay a tax on the sale of their house when they moved from the state. I just looked it up: it's either 9.87% on the profit or 2% of the gross, which ever is larger.
This is the transfer tax I was referring to. California has this tax at the state, county, and city....three taxes to sell your house. And San Francisco has theirs tiered. The more expensive the house the higher the percentage of tax. If you sell a home there and its 25,000,000 dollars, the city tax alone is 1.5 million dollars. Then you still have to pay the county and state tax.
And then of course capital gains tax at the federal level.
And Cal tried to force you to pay state taxes after you left the state but that wont fly.
Why not fix the reason people are leaving versus punishing them when they do?
Posted on 8/8/25 at 5:54 am to SPEEDY
It’s coming to every major metro area in the US. They are unsustainable shitholes. DC police officers are at a 50 year low. Baltimore is 600 officers short for the demand. NYC, LA, SanFran, Seattle, Chicago, etc… all in similar boats.
Liberals have printed the shirts that violent crime is down so cities are safer. Yeah, but all other crime is soaring because criminals have figured out as long as don’t kill anyone they aren’t going to jail. So businesses and taxpaying residents will continue to leave until the metro area is unsustainable to operate.
Then it goes full Chernobyl.
Liberals have printed the shirts that violent crime is down so cities are safer. Yeah, but all other crime is soaring because criminals have figured out as long as don’t kill anyone they aren’t going to jail. So businesses and taxpaying residents will continue to leave until the metro area is unsustainable to operate.
Then it goes full Chernobyl.
Posted on 8/8/25 at 6:43 am to Tchefuncte Tiger
quote:Yet another example of stupid politicians acting stupidly. A rich person leaving the state in search of a tax haven need not sell his NJ place. He can simply rent it out.
New Jersey does this. My sister and BIL had to pay a tax on the sale of their house when they moved from the state. I just looked it up: it's either 9.87% on the profit or 2% of the gross, whichever is larger.
But the poor sot who put $140K down on a $700K 30-yr mortgage, then unexpectedly has to transfer jobs 2-3yrs later, gets absolutely screwed. After ~$15K toward principal over 3yrs, he sells flat at $700K. RE fees run $42K. 2% of gross adds $14K. So he's down 30% on his initial $140K investment, and ends up with only $100K to go to his next downpayment.
Great job NJ.
Posted on 8/8/25 at 7:00 am to SPEEDY
quote:
Chicago
Used to be my favorite American city in the 2000s-early 2010s. Would visit once a year or so.
Haven't been since Covid. Same with New York. Unfortunately for me, but I can't avoid DC.
Posted on 8/8/25 at 7:19 am to SallysHuman
quote:
the people "With Means" will get the heck out of Chicago.
I already did, 2.5 years ago. For reference, aside from all the other ridiculous taxes and fees, I was paying $6,500 in property taxes per year for an 1,100 sq ft condo.
Posted on 8/8/25 at 7:20 am to SPEEDY
Typical Democrat ran city/state.
Talk a big game to get elected but then none of their idiotic ideas actually work.
So then they go begging for handouts
Talk a big game to get elected but then none of their idiotic ideas actually work.
So then they go begging for handouts
Posted on 8/8/25 at 7:26 am to SPEEDY
Another Dem Marxist ruled city on a steady path downward and folks are either ignorant or dumb to tolerate it.
Posted on 8/8/25 at 7:28 am to FlyDownTheField83
quote:
The pensions for teachers union retirees and City employee retirees are extravagant by the standards of retirees in most all other types of employment.
They got the benefits increases baked into the state constitution, so the only way to fix that is through the courts and getting the correction on the ballot but to do that they need the judges…who are also recipients of this insane pension plan. So, good luck!
Posted on 8/8/25 at 7:29 am to trinidadtiger
quote:
This is what happens when you have a public union negotiating for pay with their votes. Cant give me the 10 percent pay raise. Okay. Over the next few contracts they negotiate, fully vested pension at 20 years. Pension at 75% of my highest year pay, no overtime restrictions. On your 20th year you "work" 50% overtime and end up with a pension higher than any year you ever worked at 40 years of age.
You would be amazed how many young retired police and firefighters moved to Florida with big pensions - heck a lot are not even eligible yet for SS
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