Posted on 05/15/2018 2:03:25 PM PDT by InvisibleChurch
Illinois homeowners, who already pay some of the nation's highest property taxes, should pay about 40 percent more for the next three decades to wipe out the state's crippling pension debt, according to a trio of economists at the Federal Reserve Bank of Chicago.
The economists argue that paying off the state's $129.1 billion in unfunded pension obligations cannot be done with revenue from new taxes such as a tax on marijuana sales or on financial transactions.
Would you pay 40 percent more in property taxes if it would wipe out the state's crippling pension debt? Yes No See results vote online survey
"In our view, Illinois' best option is to impose a statewide residential property tax," they wrote, in part because it would be fair: "Illinois residents who have benefited most from the past services of governmental employees are more likely to be homeowners, so it seems reasonable that they should pay a larger share of the costs."
They are proposing a statewide tax of 1 percent of a home's value. Under their plan, the tax bill on a $500,000 house would go from about $11,600 to $16,600, an increase of $5,000, paid each year for 30 years.
The economists—Thomas Haasl, Rick Mattoon and Thomas Walstrum—calculated that a property tax equal to 1 percent of a home's value could plug the state's pension gap in 30 years.
Illinois homeowners pay an average of 2.32 percent of their home value in property tax every year, which according to WalletHub is second only to New Jersey's 2.40 percent.
(Excerpt) Read more at chicagobusiness.com ...
There is no known way of fixing stupid
Pass something like this and the result will be more generous COLAs for government retirees. Pretty soon they’ll need another 1% tax increase. Just how democrap politicians think...
Terrible.
Awful!
Are we supposed to give more credibility to tax-the-rich proposals coming from employees of the Federal Reserve Bank just because of their profession?
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Long before crooked politicians politicized climatology, they politicized economics.
name me one area in which TN is leading. What has the state produced?
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Country music, Dollywood, and Hickok45 videos.
Dallas is just as liberal as Austin.
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Big cities are liberal cesspools wherever you go.
No = 97%
Ah, so there IS a weather component. Tough weathee keeps lazy lefties out!
When I lived in Fargo years ago, I always said the cold keeps the riffraff out!
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