According to a white paper proposal generated by the Federal Reserve Bank of Chicago, “The Illinois Commission on Government Forecasting and Accountability estimated the state’s unfunded liability at $129.1 billion in mid-2017.” Illinois tollways aren’t going to make up that deficit (tollways, the first thing that comes to mind for me when I think of Illinois). Their solution to these massive obligations, raise state wide property taxes by 1 percent.
One percent may not seem like much, especially to those who don’t own any property in Illinois, but the prospect of handing over even more personal wealth to the state for its largess of state workers will have catastrophic long term negative consequences for the Land of Lincoln. More
I like how the Chicago Fed tries to justify raising the nation’s highest property tax one percent more: “Remember that Illinois residents will be paying higher taxes one way or another. Would you rather pay your higher taxes through a higher sales, income, or property tax?”
The state needs to declare bankruptcy and restructure their liabilities. If the state workers get a haircut, well that is just too bad. That is the price you pay when you elect politicians in bed with the public sector unions.
Taxpayers better put some ice on that.
So they raise the property tax one percent to pay off the deficit.
Except they won’t use it to pay off the deficit. They will find new things to spend the money on and the deficit will increase.
>>Except they won’t use it to pay off the deficit. They will find new things to spend the money on and the deficit will increase.
Bet the Politicians give themselves a pay raise, first!
Giving the government more money to fix fiscal problems is like giving an alcoholic another bottle to sober up.
FTA: “Would you rather pay your higher taxes through a higher sales, income, or property tax?”
Answer: I would rather move to a state that has its finances in order.
(Note, I live in CA, so…
well, I’m considering moving)
Ha! Paying 1% more or… Leaving!
pay u-haul or a mover instead
RadioMattM MAY 13, 2018 AT 6:16 PM
So you obviously are a resident of the “Land of Lincoln.”
Only a resident has this type of true understanding…
Wall up Chicago with all the elected politicians inside, burn it to the ground, salt the earth and start over in the rest of the state.
I’m for the 1%. It is next to nothing. Besides, I don’t own any property. I rent.
1% for my family in particular raises our property taxes from $5400 to $10,000 per year.
for 30 years.
You know what $10,000 per year for 30 years buys?
A $300,000 house!!!!!
In Illinois you own nothing.
The picture that goes with this story reminds me of an image I used to get during the gas crisis of 1980’s. An Arab Sheik named Sheik Yamani was in the news. I renamed him Sheik Yermoney, with him holding westerners upside down so he could shake the money out of their pockets. Sheik is actually pronounced “shake”, so it worked.
Anymouse — no, but I have lived in California and Seattle.
another reason why only property owners should vote
According to the Chicago Tribune, Illinois lost a net of 33,703 population in 2017. In 2016, that number was about 37,000 residents, so I guess 2017 was an improvement. However, in 2017 the Illinois legislature hiked both the individual income tax and the corporate tax rates, so the net population exodus for 2018 should be interesting.
We could analyze the various factors for these numbers, but it boils down to our government officials being (in no particular order) corrupt, greedy and stupid. When the Chicago Tribune – hardly a right wing newspaper – questions the intelligence of our politicians, you know the folks running this state are indeed corrupt, greedy and stupid.
molon….or people who can prove they AT LEAST PAY TAXES……we should get a permit from the feds, that we paid fed taxes, which lets us vote in fed elections, and another from the state, county or whatever jurisdiction…..”no tickee, no votee”
…instead,we get moter-voter laws, and no ID requirement…..
the more fool us, for putting up with it this long…..
Get out of Illinois, but leave your politics at the state line.
I’ve said it before here…. when we moved from IL to TN in Dec 2014, we got a $40,000 raise. No private school needed, property taxes plummeted, no state income tax.
Now our oldest child scored the TN Promise with her ACT score, she’s getting 2 years covered by the state for community college for her GenEd credits. Our youngest is on track for a full ride at UT, she’s only in 7th grade but they’re watching her like a hawk for engineering (the child is freakishly smart). No school in IL would do either of these things.
TN has been very, very good to us. IL still tries to send us bills from time to time.
Please stop coming across the border to NW Indiana to live. I hope to return one day and I don’t want to find my home town has turned into a shithole.
They’re going to have to start means testing on all government pension payouts. I’m sure that most of these government employees have invested in other retirement incomes and this is probably the only fair way to cut back on the liability. I know the arguments against it will revolve around these workers negotiated pensions in good faith but tough shit. It’s that or bankruptcy as “Mortgages for the Masses” suggests and the pension haircut there would a damn sight more unfair then a means test.
Hmmm … why not raise all three?
If 1% is “next to nothing” then it’s next to nothing.
Larry don’t have to worry cuz he rents! Bwahahahahahahahahahahahaha!!!!
izlamo delenda est …