the city/state should be forced to sell off property to fund the debts
Posted on 09/17/2016 10:35:16 AM PDT by Lorianne
the city/state should be forced to sell off property to fund the debts
Have a buddy living in France, avg income there is $26,000 he worked 25 years for a parks dept in northern California, he retired at 55 and is pulling down $75,000 per year. He says he has a good life.
The writedown will hurt retirees, but bankruptcy is bankruptcy. Affected retirees will have a reduced standard of living, but they will not be destitute. They will still have their reduced pension, plus Social Security. If they are still poor after that, they can go on food stamps, but few will be in that situation.
The same solution should apply to Social Security. It is funded at about 70 percent. Get ready for a 30 percent benefit cut. It's a hard lesson but a necessary one for folks who spent their lives believing fairy tales from corrupt politicians and voting against truth tellers.
Those assets belong to the taxpayers. They paid for them. So selling them off would still come out of the taxpayers’ hides.
The only, real ‘solution’ to all of these ‘D’ blue state unfunded public pension plans is, surprise, to nationalize them, which means electing Hillary! No other solution is real, Chicago cannot, for all of its ‘prestige’, keep moveable wealth in place to tax it. Even the state of Illinois cannot do this when the tax burden keeps growing to meet the legal requirements.
It was a corrupt bargain that even FDR eschewed, to have public employee unions ‘bargain’ with elected officials for ‘allocation’ of tax dollars. The record demonstrates that voting assistance & threats were / are the union’s prime weapons for better contracts. Officials had NO INCENTIVE to moderate the demands aside from ‘wink&nod’ excesses that allowed them to claim a meaningless victory or two. For decades the money rolled in from future promises (bonds) and cooked books so that the taxpayer never felt anything more than a slight bite.
Now, the bill is due and the cupboard is emptier than Mother Hubbard’s! Right now, there is nothing but economic pain in sight. So long as wealth can move, taxes are constrained and some imaginative schemes have been legally quashed. FYI: Several states & municipalities have tried, in the past, to impose taxes as deriving from source - i.e. taxing non-residents on retirement pay. The Supreme Court has said, to date, NO!
Only Uncle Sugar can save them, by taking their ‘comparative’ small shortfalls into Obama’s MASSIVE $19trillion (and counting) deficits. Forget that this makes a mockery out of the concept of ‘no taxation without representation!’ This means nothing to a Supreme Court that votes to make what was passed into law as a fee a tax!
Taxes like that tend to be a severe drag on appreciation and resale, unless you’re in a place where new construction is severely restricted. And, they’re likely to continue going up. Might want to sell and get out while you can, I understand houses in much of northern NJ are extremely hard to sell due to this, but their taxes are about double yours.
Even this won’t be a cure but it would “head off a financial disaster,’’ explained finance committee chairman Edward Burke before the vote.
...
What he’s trying to say is they are kicking the can down the road.
very true, but ya can't get blood out of a stone and it looks like that's what they are trying to do with the tax system
The lion’s share of property taxes go to fund the worst education system in the entire industrialized world.
It’s one big “early retirement/slush fund” system for marginally employable people.
January 1, 2025
Pay to the Order of Mr. Retired $5,000
City of Chicago
January 2, 2025
Dear Mr. Retired:
Your deferred income income tax payment for January income will be due January 28th. At the rate of 50%, you owe the State of Illinois $2,500.
Enjoy your retirement
In the suburban New York City area, houses are essentially rented from the public employee unions.
Democrats have been in charge of Chicago for how many decades?
I’m in greater Boston, so it’s a very good real estate market. This small, one thousand SQFT ranch is worth close to six hundred thousand dollars, as crazy as that sounds. When I retire I’ll sell out & move to central Maine, where my property taxes will be less than half of this. Boston is booming as opposed to many other major cities.
The schools are where 80% of my property taxes are going.
You could get a small 3/2 ranch in good repair in rural areas here in NC for less than $100,000, with taxes less than $1,000 a year.
It is not as simple as that. It is in the state Constitution.
I realize that, but The Feds can override the State with regards to Contract Law, Furthermore Enslaving future generations in perpetual debt for which they have received NO BENEFIT and Will Not, to pay for the wants of today’s masters is an act of INVOLUNTARY SERVITUDE and should be thrown out on it’s face.
I hear ya’..!
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