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The main goal is this proposal is to change how revenue is collected. Reduce property tax, increase state tax. Make the state income tax graduated.
I just don't understand democrats-one trick pony -I guess the vast number of people not paying taxes is their base. They take from us and give to them.
Yes. I prefer republicans that will underfund pension liabilities for decades at a time, and then hand the problem over to democrats and say, "whatcha gonna do about this, you damn tax and spend liberal ?!"
Kicking the can down the road because solutions are unpopular sometimes lead to exactly this kind of situation
Why not a market driven 401k?
Fortunately, Brown and a democrat controlled legislature initiated some solutions in California before it got nearly as bad as Illinois. Not that Ca is completely out of the woods, especially with Calpers.
Just fine?
Any switch to 401K plans would be phased in for new employees with the intent to honor the pensions of people well in to their careers,, or already retired.
The main goal is this proposal is to change how revenue is collected. Reduce property tax, increase state tax. Make the state income tax graduated.
Democratic governor candidate J.B. Pritzker said Tuesday he would seek to temporarily raise Illinois’ flat income tax rate
More than likely it's a tax increase disguised as a property tax reductio
lostand confused saysDemocratic governor candidate J.B. Pritzker said Tuesday he would seek to temporarily raise Illinois’ flat income tax rate
Did he say "temporary" ROFL.
They just raised taxes by 32% and almost all went to pensions-now want to raise more.
The flat income tax increase sounds like it will hit the lower income family harder than the rich.
A local economy is fine when the state can’t afford to pay its short and long term liabilities without borrowing money or increasing taxes?
That screams insolvency. Not “fine”.
The main goal is this proposal is to change how revenue is collected. Reduce property tax, increase state tax. Make the state income tax graduated.
But the state pension systems are blown up by the short changing of contributions on the state side.
I guess it could be argued, if the money is paid up front (higher salaries for cops and teachers), and then have them use 401ks, it would prevent the govt from underfunding the compensation expenditures.
Did a quick bit of Google research.
Illinois has $2.3 billion in debt, and a population of 12.8 million people. That's close to $16,000 per person.
At the federal level, the US debt is $19.9 trillion and about 325 million people. That's around $60,000 per person.
So everyone in Illinois, from babies to seniors, has $76,0000 of debt taken out on their behalf by Fed and State government.
Illinois has $2.3 billion in debt, and a population of 12.8 million people. That's close to $16,000 per person.
They should fund the current year out of the current tax income, and if they want to fund a large project, they should save up for it first.
HowdyThere saysIllinois has $2.3 billion in debt, and a population of 12.8 million people. That's close to $16,000 per person.
Fuck! And we don't even have any aircraft carriers, jets and the like! $16k per person vs. $60k per person. Think about that. Just one state.
That way governments would tend to run surpluses most of the time. Some of the retained earnings would get used up during downturns or used for large projects.
HowdyThere saysThat way governments would tend to run surpluses most of the time. Some of the retained earnings would get used up during downturns or used for large projects.
The logic is sound in my opinion. Problem is getting government to run a surplus. Government and surplus in the same sentence is like a Nazi and a Jew having a beer in 1939. Not happening.
Basically existing employees and retirees keep everything they have already "earned" in their pension to date
There is no digging out of this abyss unless existing employees already in the system accept some reform too.
HowdyThere saysIllinois has $2.3 billion in debt, and a population of 12.8 million people. That's close to $16,000 per person.
Fuck! And we don't even have any aircraft carriers, jets and the like! $16k per person vs. $60k per person. Think about that. Just one state.
Those "reforms" from Moonbeam are hardly making a dent into California's pension liabilities.
That's unfair, becasue the pension funds are in place of social security,
The tricky part is how to budget when one doesn't* know for sure how much tax is going to be collected. Governments are notoriously bad for being overly optimistic. Given that economies tend to grow over time, I thought the best method wold be to limit budgets to actual receipts from, say, 3 years previous. That way governments would tend to run surpluses most of the time. Some of the retained earnings would get used up during downturns or used for large projects.
Thoughts?
No they're not. Never have been. Pensions generally pay out more then SS by a long shot.
Pension benefits are MASSIVELY unrealistic in most places
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Democratic governor candidate J.B. Pritzker said Tuesday he would seek to temporarily raise Illinois’ flat income tax rate and boost credits and deductions while lawmakers consider changing the state constitution to allow for a graduated income tax.