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Started By
Message
How Should the State of Illinois Pay for its Unfunded Pension Liability? Property Tax
Posted on 5/13/18 at 9:36 pm
Posted on 5/13/18 at 9:36 pm
LINK
quote:
The State of Illinois has a very large unfunded pension liability and will likely have to pay much of it off by raising taxes. The Illinois Commission on Government Forecasting and Accountability estimated the state’s unfunded liability at $129.1 billion in mid-2017,[1] which was about 19% of state personal income.[2]
quote:
Because the debt is so large, it’s unrealistic to think that new taxes (such as a tax on legalized marijuana or financial transactions) or increases that affect only a narrow segment of the population will be enough.
quote:
In our view, Illinois’s best option is to impose a statewide residential property tax that expires when its unfunded pension liability is paid off. In our baseline scenario, we estimate that the tax rate required to pay off the pension debt over 30 years would be about 1%. This means that homeowners with homes worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.
38
Posted on 5/13/18 at 9:39 pm to wickowick
Just illegally siphon off the money from tax revenues meant for other things. Hire Mitch Landrieu to show them how to do it and get away with it.
Posted on 5/13/18 at 9:40 pm to wickowick
Muh Obama
Posted on 5/13/18 at 9:40 pm to wickowick
quote:
tax rate required to pay off the pension debt over 30 years would be about 1%. This means that homeowners with homes worth $250,000 would pay an additional $2,500 per year in property taxes
I'd move.
Posted on 5/13/18 at 9:41 pm to wickowick
Murder Surtax
Posted on 5/13/18 at 9:41 pm to wickowick
quote:
This means that homeowners with homes worth $250,000 would pay an additional $2,500 per year in property taxes
Wow, but I’m sure the Illinois state government’s spending is on the up and up
Posted on 5/13/18 at 9:41 pm to wickowick
Yea, uh, sure.. this will definitely expire in 30 years and the rate will never be increased. Pinky promise.
Posted on 5/13/18 at 9:43 pm to Chuker
quote:The exudus is already underway.
I'd move.
Posted on 5/13/18 at 9:43 pm to Ace Midnight
The amount of the checks will have to be reduced a percentage until new taxes are voted in, if that happens.
Posted on 5/13/18 at 9:44 pm to wickowick
quote:
This means that homeowners with homes worth $250,000 would pay an additional $2,500 per year in property taxes,
Property taxes are already ridiculously high in Illinois. A $450k home pays over $8k annually in property tax. Raising that another $4k would be exactly what I would expect from Illinois.
Posted on 5/13/18 at 9:45 pm to wickowick
You tell those state employees “sorry, we fricked up and you made a bad decision investing your future with us”.
How can they just Willy nilly steal money from people to cover their arse? Like the people of Illinois are the FDIC or some shite. “Your pension is guaranteed by our ability to take whatever we need from the people” frick that
How can they just Willy nilly steal money from people to cover their arse? Like the people of Illinois are the FDIC or some shite. “Your pension is guaranteed by our ability to take whatever we need from the people” frick that
This post was edited on 5/13/18 at 9:47 pm
Posted on 5/13/18 at 9:46 pm to wickowick
I’m sure a cut in spending isn’t even being considered.
Posted on 5/13/18 at 9:46 pm to wickowick
That liability will be paid off in a few thousand years.
Posted on 5/13/18 at 9:48 pm to wickowick
They will just leave. Either citizens tired of the taxes or government employees will go work in a different state.
We need state citizenships so people have to deal with their consequences and work through their problems.
We need state citizenships so people have to deal with their consequences and work through their problems.
Posted on 5/13/18 at 9:49 pm to Schmelly
How can they do it? They’re all fricking crooks and the politicians know that state employees will turn out for them.
This probably won’t hurt Chicago much but I figure that anyone living downstate or in the suburbs may start looking across the state line into Iowa, Wisconsin, Indiana, Missouri, etc.
This probably won’t hurt Chicago much but I figure that anyone living downstate or in the suburbs may start looking across the state line into Iowa, Wisconsin, Indiana, Missouri, etc.
Posted on 5/13/18 at 9:51 pm to Schmelly
quote:They are the government. It’s what they do.
How can they just Willy nilly steal money from people to cover their arse?
quote:
Your pension is guaranteed by our ability to take whatever we need from the people” frick that
Social Security is no different. There is no “trust fund”. This post was edited on 5/13/18 at 9:52 pm
Posted on 5/13/18 at 9:53 pm to teke184
quote:
How can they do it? They’re all fricking crooks and the politicians know that state employees will turn out for them.
This probably won’t hurt Chicago much but I figure that anyone living downstate or in the suburbs may start looking across the state line into Iowa, Wisconsin, Indiana, Missouri, etc.
It'll probably hurt Chicago the most, actually. The city's been doing damn well economically because it offers a lot of what San Francisco and New York do at half the price. Raising property taxes (again) will kill that momentum.
Posted on 5/13/18 at 9:56 pm to Taxing Authority
Yeah, I know. Y’all are right. But y’all shouldn’t be. Lol. It just pisses me off
Posted on 5/13/18 at 9:58 pm to wickowick
quote:
property tax that expires when its unfunded pension liability is paid off.
yeah, sure it will expire.
Posted on 5/13/18 at 9:59 pm to the808bass
quote:
Property taxes are already ridiculously high in Illinois. A $450k home pays over $8k annually in property tax. Raising that another $4k would be exactly what I would expect from Illinois.
When you are paying property taxes at that level, you have to start asking yourself what you really own. And $450k doesn't get much of a house in the Chicago area. Property tax rates like this are insane.
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