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Property tax a ticking time bomb (in Chicago)
Chicago Sun-Times ^ | May 27, 2014 | MADELEINE DOUBEK

Posted on 05/28/2014 2:42:40 PM PDT by reaganaut1

Chicago residents who are worried about a $250 million property tax hike because of the pension bill Gov. Pat Quinn is weighing don’t know the half of it. Or maybe three-quarters of it.

It’s time Chicagoans confront the fact that there’s a nuclear property tax time bomb already set and ticking away here. There’s the potential for another $600 million property tax increase coming in December to fix police and fire pensions. And then maybe another $696 million needed next year for Chicago Public School pensions.

Back to police and fire. Public Act 096-1495, passed in 2010, reads, in part, “The city council … shall annually levy a tax upon all the taxable property of the municipality at the rate on the dollar which will produce an amount which … will equal a sum sufficient to meet the annual requirements of the police pension fund.”

Yipes. That’s the law for Chicago. The rest of Illinois needs to wake up and confront this, too. Hundreds of police and fire pension funds all around the state are as badly underfunded or worse. Even if they weren’t, Illinoisans need to understand that if Chicago collapses, Illinois sinks with it. Chicago is the powerhouse of the prairie state, period.

That 2010 law that sweetened pension benefits for Chicago police and fire was approved by Springfield politicians before Rahm Emanuel was mayor. Emanuel has insisted he won’t be levying all those property taxes on Chicagoans, but the $250 million compromise for the municipal and laborers pension funds awaits Quinn’s action and there’s no sign of movement on the other two funds with five days left in the spring legislative session. This mess will be pushed right up against the ticking clock after the November election and before the December levy time.

(Excerpt) Read more at politics.suntimes.com ...


TOPICS: Government; News/Current Events; US: Illinois
KEYWORDS: chicago; propertytaxes; publicpensions; taxes
Lots of people pay property taxes, not just the rich. Rats lose their taste for big government when they actually have to pay for it. This will be fun to watch.
1 posted on 05/28/2014 2:42:40 PM PDT by reaganaut1
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To: reaganaut1

All that for pensions and not for actual services being rendered. Soon enough it will all go for pensions.


2 posted on 05/28/2014 2:43:45 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: GeronL

While FReepers point and laugh at the rickety handcart of Detroit rolling down the tracks, a locomotive is bearing down on us from behind with a full head of steam.


3 posted on 05/28/2014 2:48:09 PM PDT by cripplecreek (Remember the River Raisin.)
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To: cripplecreek
a locomotive is bearing down on us from behind with a full head of steam.

Two. Social Security and Obamacare.

4 posted on 05/28/2014 2:50:45 PM PDT by SeeSharp
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To: cripplecreek

Yes CC, Detwaa was a cake walk compared to IL, Chicago, California, and CALPERS, to name a some of the biggies head for Chapter insert number......


5 posted on 05/28/2014 2:51:00 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: cripplecreek
While FReepers point and laugh at the rickety handcart of Detroit rolling down the tracks, a locomotive is bearing down on us from behind with a full head of steam.

The sooner it collapses, the better.

6 posted on 05/28/2014 2:54:47 PM PDT by PGR88
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To: cripplecreek

bump


7 posted on 05/28/2014 2:57:16 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: GeronL

“All that for pensions and not for actual services being rendered. Soon enough it will all go for pensions.”

NJ and CA are looking at the same grim future; it would be foolhardy for anyone to open a business in these places. You’d just be suckered into buying a piece of a huge IOU...


8 posted on 05/28/2014 2:59:24 PM PDT by kearnyirish2 (Affirmative action is economic warfare against white males (and therefore white families).)
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To: GeronL

“All that for pensions and not for actual services being rendered. Soon enough it will all go for pensions.”

From cases all across America, getting serviced by a “Law Enforcement Person” is something one will live longer without.

I suggest bankrupting all such Trough Feeder pensions. Let the CopPersons live off their stored adipose - all that donut derived fat should be good for something.


9 posted on 05/28/2014 3:00:46 PM PDT by GladesGuru (Islam Delenda Est - because of what Islam is and because of what Muslims do.)
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To: PGR88

Let Illinois bail out Chicago.


10 posted on 05/28/2014 3:06:21 PM PDT by cripplecreek (Remember the River Raisin.)
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To: PGR88

>>While FReepers point and laugh at the rickety handcart of Detroit rolling down the tracks, a locomotive is bearing down on us from behind with a full head of steam.

The sooner it collapses, the better.<<

All us older folks will probably die off in the first six months or maybe a year then you can handle the rest.


11 posted on 05/28/2014 3:12:02 PM PDT by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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To: taildragger; cripplecreek
You all are right...that didn't take long!

Being a neighboring state to Michigan, I tend to pay attention to their well-being (or lack thereof) and the Detroit problem pales in comparison to the Chicago and etc. pension/tax locomotive coming down the tracks...

Query: why are all those people so worried about "sustainability" in the environment (etc.) not at all worried about "sustainability" in the economy??

12 posted on 05/28/2014 3:16:43 PM PDT by 88keys (broken glass GOP; it matters, replace the Dems. 2014!!)
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To: reaganaut1

Public pensions equal big fat burdens. Here’s a solution—have govt employees enrolled in 401-k plans and have govt fund a generous 60%-75% of the max yearly contributions allowed. That way each employee is funded for future retirement during their active working years only and from that years budget allocation only. When the job ends so does the retirement funding. No more pensions for life that heavily burden the public taxpayers for retired government workers.


13 posted on 05/28/2014 3:16:45 PM PDT by tflabo (Truth or Tyranny)
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To: reaganaut1

Sue the Democrat Party. They caused this and they have lots of money.


14 posted on 05/28/2014 3:25:22 PM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: B4Ranch
All us older folks will probably die off in the first six months or maybe a year then you can handle the rest.

I don't think it needs to come to that! We just need a major reorganization of our financial system, which supports the Progressive nanny-state with debt and money printing. Give us real money, and you immediately end the government's ability to run all its social engineering schemes.

15 posted on 05/28/2014 3:43:55 PM PDT by PGR88
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To: GeronL
All that for pensions and not for actual services being rendered. Soon enough it will all go for pensions.

Hey, it's not like I just got done graveling out the bomb craters in my paved alley half an hour ago, on my own dime & time, because the city won't...

Oh, wait...

16 posted on 05/28/2014 3:47:57 PM PDT by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: kiryandil

and they will probably fine people who do that too.


17 posted on 05/28/2014 3:51:10 PM PDT by GeronL (Vote for Conservatives not for Republicans)
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To: cripplecreek

The day my State finally crashes I’m going to laugh and laugh and laugh....


18 posted on 05/28/2014 3:54:08 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: PGR88

I believe it was Saginaw Michigan that ditched some 500 city employees by privatizing services leaving the city with only 20 full time employees.


19 posted on 05/28/2014 3:56:53 PM PDT by cripplecreek (Remember the River Raisin.)
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To: reaganaut1

Illinois is a vital part of the “blue wall” of Democrat electoral votes.

They’ll get federally guaranteed state bonds before any real pain is inflicted.


20 posted on 05/28/2014 3:56:57 PM PDT by nascarnation (Toxic Baraq Syndrome: hopefully infecting a Dem candidate near you)
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To: GladesGuru

I learned a new word today. Thank you.


21 posted on 05/28/2014 3:59:39 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: tflabo
Here’s a solution—have govt employees enrolled in 401-k plans and have govt fund a generous 60%-75% of the max yearly contributions allowed.

I don't think you understand. In blue states like Illinois, they have to pass your law first. THEN, once the law is passed, it's the newbies that have to haul down the pirate flag.

The current employees get grandfathered, and get to keep flying the Jolly Roger, along with the retirees.

22 posted on 05/28/2014 4:04:03 PM PDT by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: cripplecreek

But who’s going to bail out Illinois?


23 posted on 05/28/2014 4:18:49 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: GeronL
and they will probably fine people who do that too.

Yeah, that's kind of in the back of my mind. However, I believe in the "revenue neutral" approach, if it comes to that...

24 posted on 05/28/2014 4:19:48 PM PDT by kiryandil (turning Americans into felons, one obnoxious drunk at a time (Zero Tolerance!!!))
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To: reaganaut1

Rats who rent have no idea the amount they pay would go up with a property tax increase. They’re too damned dumb to understand simply math. I know. I’ve tried to explain to a few of them.


25 posted on 05/28/2014 5:02:59 PM PDT by VerySadAmerican
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To: VerySadAmerican

Well, then, Illinois will have to add another tax that all of Illinois will pay to support Chicago, because Chicago is such a “powerhouse” for Illinois. Illinois would be nothing without Chicago. Downstate IL is just Chicago’s backyard, don’tcha know. The arrogance. It’s why I left.


26 posted on 05/28/2014 6:02:10 PM PDT by virgil (The evil that men do lives after them)
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To: 88keys
Query: why are all those people so worried about "sustainability" in the environment (etc.) not at all worried about "sustainability" in the economy??

They are worried about the sustainability of their economy aka their pensions whether it is Detroit or the GM UAW, nothing was shut off and in GM's case they were moved to the front of the line and NOT shut down or their "contracts" voided. But their Legacy Systems are unsustainable and they would love for us or Obama to pick up the tab. Keep your eye out on the "Grand Bargain" in Michigan for Detroit, how it is structured might be a harbinger of things to come for all of us, and not in a good way....

27 posted on 05/28/2014 6:19:46 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks....)
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To: PGR88

That will happen when we change governments. I don’t expect the change in my lifetime.


28 posted on 05/28/2014 6:25:17 PM PDT by B4Ranch (Name your illness, do a Google & YouTube search with "hydrogen peroxide". Do it and be surprised.)
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