Posted on 05/11/2018 6:11:34 AM PDT by KeyLargo
Glennon: Statewide property tax proposed by Chicago Fed
By Mark Glennon -
An audible gasp went out in the breakout room I was in at last month's pension eventcosponsored 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, and so on.
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.
(Excerpt) Read more at illinoisreview.typepad.com ...
The Land of Lincoln is in such financial disarray, it’s looking at selling some of the Lincoln.
The foundation that supports the Abraham Lincoln Presidential Library and Museum indicated Thursday that prestigious memorabilia tied to the home-state 16th president could be sold to help pay back a loan taken out to buy a trove of items more than a decade ago.
“If the foundation is not able to secure commitments in the very near future to retire most — if not all — of the remaining $9.7 million debt, it will have no choice but to accelerate the possibility of selling these unique artifacts on the private market — which would likely remove them from public view forever,” the Lincoln library foundation said in a statement.
http://www.chicagotribune.com/news/local/politics/ct-met-abraham-lincoln-artifacts-sale-20180510-story.html
Suck the money from rural communities to pay for the big city excesses.
Kill the Fed.
They have become a 4th (5th?, 6th?) branch of government and another powerful one at that.
Democrats rule for governing: Tax and spend and tax and tax and tax etc
Does the Federal Reserve Bank of Chicago have taxing authority over Illinois residents? Or are they just pushing this as an idea for the (corrupt/bankrupt) IL legislature to formalize and pass?
Would these additional taxes go to the state’s general treasury, or what is the plan, other than enriching the politicians and all of their relatives?
We here in the Gay State (Massachusetts) learned two things long,*long* ago.
1) There's no such thing as a "temporary" tax.
2) All taxes,despite claims to the contrary,are subject to being increased...on a moment's notice.
It looks like this money would be used to pay government pensions.
Wow. It looks as if they are trying to take away Taxachusetts’ title...
I expect the Fed to be gone before Trump leaves the White House. The central bankers are the source of much evil.
Cut spending for progressivism.
Fire all the people administering the social welfare state before they can start claiming their retirement packages.
Reduce retirement packages for those who remain.
Eliminate retirement for packages for politicians.
Fix the roads.
Send the cops in and clear out the gangs by any means necessary.
i’m not understanding. Do they mean the Federal Reserve fed or some other type of state fed?
At its lowest rate, $200 per month increase in property taxes isn’t chump change. It’s better that they give a ‘haircut’ to all the unionized state pensioners then punish entry level families with an increased property tax burden.
When the government takes money from a family, they take a portion of that family’s freedom.
This is a case where the government reduces the freedom of some people in order to buy votes.
They buy votes to be able to steal from the government treasuries.
This is slavery in the Land of Lincoln.
Load ‘em up the Truck AND MOVE OUT OF ILLINOIS!
Load ‘em up the Truck AND MOVE OUT OF ILLINOIS!
Ha, If this passes you can expect the Chicago Unions to go on strike for expanded retirement Bennies.
Silly Wabbits!
2 years....2 years and we are out of this State. It’s too bad because south of I-80 Illinois is solid conservative territory except for the college towns, East St. Louis, and Cairo.
L
“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, and so on.”
Wow! So that is how a 1% tax works? Thanks for the example. Part of the problem is people have grown so ignorant as to need an example like this.
Leesburg Florida is 10 percent. My home is worth 205,000 and I pay 2,150 a year. Maybe Illinois needs to appreciate how good they’ve got it. Spoiled brats!!!
Wouldn’t 10% be over 20 thousand?
Really? I thought 2,000 of 200,000 equals 10 percent.
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