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Message
re: Chicago Mayor: city finances are at “a point of no return” & they need massive tax hikes
Posted on 8/9/25 at 10:40 am to SouthEasternKaiju
Posted on 8/9/25 at 10:40 am to SouthEasternKaiju
On a complete side note the Chicago Public Schools system has until Wednesday to close a $734 million budget gap.
At least they have options
quote:
There aren’t many choices, but they include borrowing, staff furloughs and banking on new funds that may or may not materialize.
At least they have options
0
Posted on 8/9/25 at 10:42 am to SPEEDY
The only way to fix destroying half of your tax base is to destroy the other half.
Posted on 8/9/25 at 10:48 am to SPEEDY
So you’re telling me that handing out free shite in huge amounts to an entitled population isn’t sustainable?
Posted on 8/9/25 at 10:51 am to SPEEDY
Those who vote for communists deserve what they get
Posted on 8/9/25 at 11:07 am to Chucktown_Badger
Yes, I know the Chicago pension systems very well. Actually better than anyone here.
The two sister Funds (Municipal and Laborers) are structured a bit differently. You can only retire at a 75% salary based on 30 years of service at the age of 60. Very few people do that.
It drops significantly at the ages of 55.
The 3% cola doesn't have a lot to do with the current solvency. Municipal is right near 21% and Laborers', last I checked was near 23%. The cola was 2.5 prior to the last ERI (early retirement incentive) in 2002. That was under Ryan.
You also have to take into account that those employees weren't allowed to pay into ss while working, prior to 1985. This is really their primary income.
And Municipal just saved 1.5 billion
The two sister Funds (Municipal and Laborers) are structured a bit differently. You can only retire at a 75% salary based on 30 years of service at the age of 60. Very few people do that.
It drops significantly at the ages of 55.
The 3% cola doesn't have a lot to do with the current solvency. Municipal is right near 21% and Laborers', last I checked was near 23%. The cola was 2.5 prior to the last ERI (early retirement incentive) in 2002. That was under Ryan.
You also have to take into account that those employees weren't allowed to pay into ss while working, prior to 1985. This is really their primary income.
And Municipal just saved 1.5 billion
Posted on 8/9/25 at 11:36 am to Chucktown_Badger
quote:
property taxes per year for an 1,100 sq ft condo.
Yep, it’s insane. Some of the taxes like sales are similar to ebrp but almost all others are if not the highest in the us they are up there
Property tax avg 2.1%, income tax almost 5%. Privately owned now but the skyway toll is now almost $8 just to cross a bridge, each way. Tolls on the 294/tristate have gone from $.25 in 2004 to now $1.50 if u dont have ipass.
Going to doobie brothers concert in Tinley Park next month, calculated tolls drom Ohare to the concert will be about $15 each way, and that includes using some that aren’t tolls.
We take non toll roads to Ohare but going other places it’s best to take toll roads.
Also, this is not the first time these pension funds have gone sideways.
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