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 ...
No way! I,m sure these funds will be put in a "LOCK BOX".(/S)
Some family members can’t/shouldn’t be relocated. Someone suffering from Alzheimer’s, for example. My advice for folks who can’t leave: If youre buying and have a choice, buy the least expensive home you can stand.
Haasl is a friggin research assistant per his profile on Linkedn. F him. Bet he rents.
Yep. Reduce pensions.
Let that group be the ones who break out the pitchforks.
The primary people that benefit from government spending are the government employees themselves, followed by the drug addicts, illegals, baby mamas, bureaucrats, politicians, and other lay abouts.
That will add to the already existing reasons to move out of Illinois...if one can find a buyer for their new high taxed property.
Why not just kill all the taxpayers and take their stuff?
That would solve the problem immediately!
Hell no! Let those state pensioners eat cat food.
How did theses three stooges get their degrees in economics??????
Will you have the same attitude towards TX when TX is totally overrun by liberals and illegals? It appears that is the likely scenario coming. Freepers have said as much...
You know, Texas was a place I was looking to for retirement. However, now it seems to be becoming a mess. Lots of libs and lots of illegals have moved there~just like IL!! Florida too.
I just really find some of the comments here condescending and nasty...same stuff as directed towards anyone living in Cali...but there are conservatives in California too yet some Freepers here feel everyone in Cali deserves earthquakes and fires...Yet, when there are hurricanes and storms in red states like TX or FL everyone is supportive...Just remember that Freepers live in all states...
I will be leaving IL soon, and I am looking for a safe state...but frankly every state seems to have issues with immigrants, budgets, liberals, etc. and that includes TX.
"Do you plan on voting Democrat in the coming elections?"
Hey, ya'll have some of the highest taxes in the country, but the city looters are going to bump them 40% higher? ☺
You'd think by this time people would be heading out of the homes they can't sell with pitch forks and torches and march on these corrupt individuals.
I would be all for it if it would allow property owners that rent or lease their property to immediately pass on the increase,
Who should suffer for electing those that did this? Who voted?
Chicago has their own Teacher retirement system not connected to the State of Illinois Pensions. Chicago alone is hundred’s of millions in teacher pension debt + the billions of Illinois debt. No way will these bills be paid off in 30 years.
If this isn't enough for the people to move or vote out the Dems, then they are all hopeless, and I have no pity for any of them.
These morons in Illinois made their own beds. Let them lie in it.
No one forced them to live in a corrupt state. No one forced them to vote for crooks and democrats
Amen!!!
By all means, move to Texas. Just not Austin. And really the main problem with Austin is that is a college town. The University of Texas. And like most college towns - it’s liberal.
Houston, Dallas, San Antonio? I would move to here in a heartbeat if I were young and starting out. In fact I just left San Antonio after 50 years of living there. Why? I’ve retired to the Hill Country. And so should you.
Kerrville is often mentioned as one of the best retirement locations in the US. And there are hundreds of other viable retirement options here in the Lone Star State.
“Totally overrun by liberals and illegals”? Not in our lifetime.
I suspect the 3% who voted to pay the forty percent increased property taxes do not, in fact, pay any property tax now. What they don’t realize is, if they rent, the rent will go up accordingly.
Rush said this is meant to cover only 6 of the 350+ public pensions in Illinois.
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