Posted on 05/14/2018 9:17:38 PM PDT by TBP
Under the Chicago Federal Reserves new program to cover underfunded pensions, the residents of Illinois are basically being asked to buy their homes all over again.
Why listen to Tear For Fears? He just repeats day old FR news.
If this scheme to make home owners fund the pension plans goes into effect, I wonder how long the Illinois socialist voter will keep voting for Dims. If you try to sell then move, they tax you for leaving. Rush touched on this plan today. This is one of those blue state ideas that may grow legs and run to other blue states. May add a whole new meaning to the term “Fighting Illini”. The left sucks.
All bets are off when contemplating stupid Dims. They will vote Rat.
Since when does the federal reserve propose taxation. They are not an elected body and should be tarred and feathered.
Too easy. Pack the Escalade with the big TV and game systems, some clothes, and all the drugs you can lay hands on. Plug in a faulty electrical device and hit the road.
Oh, wait. You said property owners. That’s different.
Stay in your house. Even though it’s not really yours to own since you need to pay the gubmint to live there. Rent your house from the government landowners in Chicago.
Don’t plug in a faulty electrical device. And don’t do drugs.
I could keep going...
Heard about this.
Illinois is circling the drain.
bmp
In Cyprus, the government simply took what it wanted from peoples’ savings accounts. This is no different, except that the owners are forced to write a check.
The property tax is incremental confiscation of your property. After 30 years they have forced you to give them the entire value of your property.
“ This is one of those blue state ideas that may grow legs and run to other blue states.”
Had me wondering the same thing. If this sets precedent Illinois, it might be time to sell the house and become a renter, especially if Michigan elects a Democrat (Socialist) Governor in November.
You are right.
Rather than fixing the pension problem by putting new people on 401K or similar, the idea is to steal a little bit from the property “rich” (or a lot from the really property “rich”) to buy the votes of the government employees (including lots of teachers). They figure that if you spread the pain over 30 years, people will stop noticing it. However, what really will happen is that Madigan & Co. will siphon off the funds for their graft and corruption.
While the Illinois Dem leadership is to a large extent, responsible for not funding the retirement systems, some, if not all, school districts jack up the pay of retiring administrators for their last year or so to increase their retirement payment. This payment is dumped on the state.
Apparently Illinois had a history of robbing promised pensions and when they wrote a new constitution in the 70s or so they put in a clause that these promises could not be changed. Since then, pensions have become quite good and most teachers seem to be retiring around 55 and seem to live quite well.
The tax burden will immediately be reflected in lowered property values.
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