Article

2018-05-15 Economy

Chicago Fed Blog: Should property taxes pay for unfunded pensions offered by governnment?

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Anguper Hupomosing9418 2018-05-15 00:00|| || Front Page|| [11 views ] Top

#1 Two ideas:

Require all pensioners receiving IL benefits to live in IL. Most head straight to low tax and good weather states quickly.

Tax pensions at very high rates. Since courts will not allow the benefit promises to be cut tax them to help fund them.

Posted by Airandee 2018-05-15 02:10|| 2018-05-15 02:10|| Front Page Top

#2 Taxpensions at very high rates. Since courts will not allow the benefit promises to be cut tax them to help fund them.
Now THAT's one I haven't heard of. Ninth District blackrobes would probably slap that discriminatory tax down in a heartbeat.

Posted by Anguper Hupomosing9418 2018-05-15 03:07|| 2018-05-15 03:07|| Front Page Top

#3 He's right that Illinois has an unfunded pension crisis. However, raising taxes (esp. property taxes, which are already some of the highest in the nation) isn't the answer. Amending the state constitution to allow pension rules to change is the answer. Of course, the Dums won't allow that.

Posted by Spot 2018-05-15 11:27|| 2018-05-15 11:27|| Front Page Top

#4 This is a case where the only answer is to let the parasite go ahead and kill the host.

Posted by M. Murcek 2018-05-15 13:53|| 2018-05-15 13:53|| Front Page Top

#5 Why not, they are already paying for Bin Obama's ~~library~~ mosque

Posted by Woodrow 2018-05-15 14:02|| 2018-05-15 14:02|| Front Page Top

#6 Tax pensions at very high rates. Since courts will not allow the benefit promises to be cut tax them to help fund them.

A great idea: make these gold-plated pensions "self-funding." If Seattle can tax business head counts to fund the hobos, anything goes, no?

Posted by regular joe 2018-05-15 14:19|| 2018-05-15 14:19|| Front Page Top

#7 These comments seem to come from ignorance about what you are commenting on.

The vast majority of these "gold-plated" pensions are mere ruminations on your part. The City of Chicago police and firemen retirees and those currently working, which make up a significant part of the "benefit promises", fund their portion of the pension with a pension payment deduction from their salary, about 8% of their wages. The city, chose not to make their required matching contributions as far back as at least 30 years ago. This is the problem, not a lack of contributions by the workers.

Lest you forget as well, most public workers are not covered under social security.

Those individuals who did work a second or post-retirement social security job AND did pay into social security, receive about 1/4th of the amount that they should receive due to the democrats cutting out these benefits as a "windfall" in an attempt to shore-up the failing social security system in the 80's due to their diversion of these funds for "other public" purposes.

Please understand these issue first before commenting with inane, ignorant and just plain silly wisecracking.

Posted by illeagle 2018-05-15 17:35|| 2018-05-15 17:35|| Front Page Top

#8 I know a scam when I see one and I know a Ponzi scheme when I am force to participate in one. The public pension plans are unsustainable. If they were sustainable the attached article would not exist nor the trillions in debt in this country nor crushing tax burden. Nothing inane, ignorant or silly about fiscal irresponsibility.

Posted by Airandee 2018-05-15 20:25|| 2018-05-15 20:25|| Front Page Top

23:53 KBK
23:23 Glaiper the Ruthless2089
23:02 USN,Ret.
22:35 P2kontheroad
22:20 Silentbrick
22:18 Glenmore
21:10 ClemKadiddlehopper9000
20:36 Airandee
20:25 Airandee
20:16 Frank G
20:14 Frank G
20:12 Betty Hatfield5124
20:05 Frank G
20:01 Frank G
20:00 Frank G
19:42 Frank G
19:39 Frank G
19:36 Frank G
19:26 Frank G
19:23 Frank G
19:13 Frank G
18:25 CrazyFool
18:24 Injun Bucket8891
18:18 Injun Bucket8891