An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years.
Evidently, that wasn’t reality-shock enough. This week the Chicago Fed published that proposal formally. It’s linked here.
It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen yet.
Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.
More @ Zero Hedge
There are only three choices:
ReplyDelete1. Increase revenue into the pension plans
2. Decrease pension benefits
3. Some combination of 1 & 2
Personally I'd be very unhappy to pay more to support bad decisions by politicians and greed by unions.
Closer to home, I recently heard that if Social Security is to remain solvent the benefits will have to be reduced by 25%. Another opportunity to pay more in order to support bad decisions by politicians.
Another opportunity to pay more in order to support bad decisions by politicians.
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The entire concept of public employee unions should be bannd. It's nothing g more than a sceam for politician to line their pockets with contributions and then "negotiate" contracts with the very people who fund their campaigns. Then if the pols don't give the unions everything they want and more, the public ends up being blackmailedb until they do.
ReplyDelete100%
DeleteWTF,$200 dollars a month rent to the state? I pay $125 for a year in fly over Oklahoma on a $45,000 home. I'd rather pay 9.75% sales tax thank you very much
ReplyDelete$200 dollars a month rent to the state
DeleteRent? Do you mean tax on your house?
Yes, if you don't pay your property taxes they will evict you and sell the property you thought you owned.
DeleteWith a high sales tax one can choose to by used things or one can buy new and pay an excise tax. but one has a choice.
DeleteI see. Here's another one of my favorite peeves: I own 1/2 the land on a road beside and in front of my property, but receive nothing.
DeleteMy brother just moved to North Carolina from Virginia I'd sure like to see the country.Lived in Northern VA from 1990 to 1996 it was getting crazy. Sure like it in Oklahoma, just got to drive a ways to get anything.
ReplyDeleteMy brother just moved to North Carolina from Virginia I'd sure like to see the country.
DeleteCome on down. :) Where does he live now?
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Lived in Northern VA from 1990 to 1996 it was getting crazy.
I was raised there but in the country, Fauquier County.