Only thing that would make this idea better is to exempt union members homes from the tax. Yes/No/Maybe?
I think it’s getting to the point that anything you can’t hide in your pocket is goign to get taxed to nothing.
The idea that any of these ponzi schemes can survive long term is ludicrous and despite people being “promised” a pension they are fools for thinking they could get so much for so little.
“Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes”
The “additional” is way more than my total.
I haven’t read the proposal, but I’m guessing the proposal was made in order to produce a shock. The ILL government needs to take off its blinders and understand what a mess they’ve made of the State finances.
The bright side is that if you want to be able to buy cheap real estate in Chicago, wait a few years until the taxes go up to cover the pension shortfall. When that happens, real estate will suddenly become a liability, and you’ll see a buyer’s market for a decade or two.
Presto!
Your house is now assessed at $10,000,000.
See how easy that was?
Now cough up your fair share.
Let’s do some simple math. If you earn $1,000 a month rent on a $250,000 house your return is 4.8%. An extra expense of $2,500 means the value of house has to drop over $52,000 in order for you to earn 4.8% on your money. (($9,500/.048).
It doesn’t have to drop this much because there is a FIT tax benefit but the decrease is pretty significant.
A $500,000 home would be worth a lot more with a 3% tax rate than a 5% tax rate.
The only solution is to renegotiate pensions
I strongly disagree, all it would take is 1 AG with balls to declare the Contracts Null and Void due to Fraud, then release enough evidence to demonstrate that every last public official supposedly negotiating on the Taxpayers behalf was accepting Campaign Contributions and Bribe money from the very people they were negotiating against, demonstrate using third grade math that these fraudulent contracts can NEVER be fulfilled, they are a Mathematical Impossibility, CONFESS and throw yourself on the Mercy of the Court.
They have to change the state constitution. It will take a revolution to do that. The time is coming and it will be glorious.
Try the Islamic solution.
Map out EVERY Govt worker.
Burn their cars.
Try the Islamic solution.
Map out EVERY Govt worker.
Burn their cars.