Posted on 05/14/2018 11:28:59 AM PDT by doug from upland
Just as the mortgage tax deduction raised the value of real estate, this tax increase will lower the value of real estate.
They are siphoning off a big chunk of the population’s equity in their homes, and hoping that voters never realize that their pockets have been picked.
Lets impose a tax on all property owners to bail out the f***ed up govt pensions because they payout 80-100% of salary at retirement.
Virginia does something similar. They just call it “Personal Property Tax” and proceed to molest their citizens.
If I remember correctly Illinois made the mistake of making the state pensions part of their State Constitution and every attempt in court has thus been lost when trying to adjust them in any way.
If I’m correct in that memory the only way they can address it would be through a constitutional modification.
Section 5 here:
http://www.ilga.gov/commission/lrb/con13.htm
Odd... I was thinking of lamp posts and rope.
Unless the state constitution prohibits it, and some do.
Only defense I can think of, and I hate to say it, is buy the least expensive home you can stand to live in if you’re fortunate to have a choice.
Problem solved.
Your home is an ATM for city/state government so every town clerk, road worker & paper-pusher become millionaires. The town manager where I live makes almost 300k. His pension will be 80% of that figure.
So, if your house is worth $250,000, and never went up in price, it will cost you an extra $75,000 to fund someone else’s pension. That sounds really fair....
I thought PPT were local taxes.
The Pensions are un-renegotiable. They are wholly irrevocable. They are etched into constitutional stone.
Even Math doesn’t stand a chance. They will be paid. By Taxpayers.
Yes, given the corrupt pols and union bosses are long gone so suing them for damages won't happen.
Planning my escape to Indiana. Should have happened earlier to be honest. They push, they push and they push... let this corrupt state go bankrupt. Too bad because I loved my neighbors and my neighborhood but this is downright thievery via government if it ever becomes policy.
Every county in the Commonwealth has PPT.
Last one to leave Illinois turn out the lights.
It may be a bad and wont happen,but it may get the voters to realize how bad the problem is.
Illinois is a very good example as to why our forefathers came up with the electoral college.
Or a lawsuit that ultimately makes its way to the Supreme Court?
Yeah but I don’t think it kicks back to Richmond. The pension is partially paid by the employee. We kick in 5%.
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