Go | New | Find | Notify | Tools | Reply | |
| Lawyers, Guns and Money  |
An "Audible Gasp" Was Heard When The Chicago Fed Unveiled Its "Solution" To The Pension Problem An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years. Evidently, that wasn’t reality-shock enough. This week the Chicago Fed published that proposal formally. It’s linked here. It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen yet. Homeowners with houses 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. Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had. Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.  In south Cook County they already average over 5%. Most of those communities are working class, often African-American. The Fed says maybe you could make the tax progressive by exempting lower values, but that’s very difficult to do and, if you did somehow exempt the poor and working class, the bill pushed to the others would be astronomical. Those rates have already plunged many communities into death spirals, demanding an immediate solution, but the Chicago Fed apparently wants to pour on more of the accelerant. Don’t they understand that people won’t build on or improve property when property taxes are that high? When taxes are 3 percent to 6 percent, any value you add to your home is going to be taxed at that high rate forever. Have they never been to our communities with countless disrepaired, abandoned homes and commercial properties, which are the result? Get this, which is part of the Fed’s reasoning: “New taxes wouldn’t affect people thinking of moving to Illinois. While they would have to pay higher property taxes, that would be offset by not having to pay as much for their new homes. In addition, current homeowners would not be able to avoid the new tax by selling their homes and moving because home prices should reflect the new tax burden quickly.” In other words, just confiscate wealth from current owners because they will pay, whether they stay or not, through an immediate reduction in home value. This proposed tax would only address the five state pensions. What about the other 650-plus pensions in Illinois, particularly those for overlapping jurisdictions in Chicago which are grossly underfunded? The Fed was asked that at last month’s seminar and they, without explanation, said they didn’t bother to cover that. I’ve earlier met Rick Mattoon, one of the Chicago Fed authors of the proposal. He’s a smart, likeable guy who I thought had lots of interesting information. For the life of me, however, I can’t understand how he would put his name on this proposal. Property can’t leave, so seize it. That’s the basic idea. https://www.zerohedge.com/news...tion-pension-problem "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | ||
|
delicately calloused |
Increasingly, gov't and its Lefty agents are a blight. You’re a lying dog-faced pony soldier | |||
|
safe & sound |
If the left thinks taxes are the answer, then I would suggest taxing leftist at 100% until things have corrected. | |||
|
| Go ahead punk, make my day |
I have family in that godforsaken state, up near Chi-town. I visit maybe once every 5-10 years and can find no redeeming qualities or reason to live there. Bad traffic, bad roads, bad taxes, incompentent government, and typical leftist crime ridden city. I’m sure down state is nice as Chicago and Cook County is the boil on the ass of the state. They’ll attempt to tax themselves into oblivion then likely ask the Federal Government for help. Hopefully it gives them the middle finger. | |||
|
| delicately calloused |
One way or the other, that solution would solve the problem. More money or fewer Leftists.....Brilliant! You’re a lying dog-faced pony soldier | |||
|
| Lawyers, Guns and Money |
The problem is... the leftists are increasingly ultra-rich, or poor. The poor don't pay taxes and the ultra-rich find ways to limit their exposure. It's always the middle class who get hurt in these schemes. That giant sucking sound you hear is the middle-class Americans fleeing the big blue cities... The only problem is that Texas can't hold all of them and their fucked up political ideologies... "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
|
| Member |
And they wonder why people are leaving this state at about 250,000 a year... Rotten and downright criminal management of a these funds, rules for the pension funds that benefit the "connected few" a whole lot more than the rest of the regular working stiffs... ______________________________________________________________________ "When its time to shoot, shoot. Dont talk!" “What the government is good at is collecting taxes, taking away your freedoms and killing people. It’s not good at much else.” —Author Tom Clancy | |||
|
| Do---or do not. There is no try. |
Here in Texas, as the chart shows, we’re only half a percent lower—-but Texas is booming and Felonois is circling the bowl. | |||
|
| Lawyers, Guns and Money |
Texas has no income tax. Illinois has high property taxes AND a high income tax. "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
|
Honky Lips |
Food's good. | |||
|
| I believe in the principle of Due Process  |
Corrupt officials work cheaper here. Luckily, I have enough willpower to control the driving ambition that rages within me. When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown | |||
|
Member |
That’s a hell of bill to swallow to remedy the patronage in politics that created the debacle. I’m afraid the word is out on Illinois and won’t see an influx of people moving to that state nor additional capital investment from the private sector... ______________________________________________ Life is short. It’s shorter with the wrong gun… | |||
|
Wait, what? |
I laughed. I really did. “Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown | |||
|
Baroque Bloke |
The Illinois legislature will like this plan. Serious about crackers | |||
|
| Go ahead punk, make my day |
I guess recreational drugs are legal in Illinois these days. | |||
|
| St. Vitus Dance Instructor  |
Taxing people to prosperity. | |||
|
| Lawyers, Guns and Money |
It is kind of funny.... at first blush, and then it's just sad. "In addition, current homeowners would not be able to avoid the new tax by selling their homes and moving because home prices should reflect the new tax burden quickly.” Brutal. Instead of placing the cost on the pensioners, who were "over-promised", let's devalue all of the property! "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
|
| Wait, what? |
What's funny about it is the retarded reasoning (or lack thereof) the libtards try to use to justify this as being helpful or wise. “Remember to get vaccinated or a vaccinated person might get sick from a virus they got vaccinated against because you’re not vaccinated.” - author unknown | |||
|
| No double standards |
To summarize, they are saying "Dear citizens of Illinois, we your public servants want to get richer by charging you higher taxes, which will result in you getting poorer. Too bad for you." "Liberty lies in the hearts of men and women. When it dies there, no constitution, no law, no court can save it....While it lies there, it needs no constitution, no law, no court to save it" - Judge Learned Hand, May 1944 | |||
|
Doubtful... |
Fucking communist bastards! Best regards, Tom I have no comment at this time. | |||
|
| Powered by Social Strata | Page 1 2 3 4 5 |
 | Please Wait. Your request is being processed... |
|
© SIGforum 2024