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Old 11-03-2020, 09:44 PM
 
85 posts, read 95,051 times
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Yes. I'm glad Illinois voted it down. But, it kind of perplexes me that Dems in general love to raise taxes and spending, yet, obviously here a lot of the Dem voters voted "no" which seems contradictory.
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Old 11-03-2020, 11:03 PM
 
4,540 posts, read 2,787,818 times
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Quote:
Originally Posted by JonhE View Post
Yes. I'm glad Illinois voted it down. But, it kind of perplexes me that Dems in general love to raise taxes and spending, yet, obviously here a lot of the Dem voters voted "no" which seems contradictory.
A lot of Dems want to see pension reform before implementing a progressive income tax.
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Old 11-03-2020, 11:13 PM
 
Location: Prepperland
19,029 posts, read 14,216,690 times
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Hmmm, let's burden the workers with higher taxes to pay for those who are eligible for a pension, whether they can work or not.
Sounds GREAT!
Oh, crap, birthrate is dropping while the pensioner population is booming.
[Fear and trepidation flag on]
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Old 11-04-2020, 05:08 AM
 
1,068 posts, read 918,390 times
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Originally Posted by jetgraphics View Post
Hmmm, let's burden the workers with higher taxes to pay for those who are eligible for a pension, whether they can work or not.
Sounds GREAT!
Oh, crap, birthrate is dropping while the pensioner population is booming.
[Fear and trepidation flag on]
Exactly...and what "investment" ideas rely on new money supporting old? Ponzi schemes.
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Old 11-04-2020, 06:37 AM
 
14,798 posts, read 17,700,727 times
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Originally Posted by Drewjdeg View Post
A lot of Dems want to see pension reform before implementing a progressive income tax.
That's me. I don't want to pay more until the state controls spending. So glad this was defeated.
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Old 11-04-2020, 06:58 AM
 
1,068 posts, read 918,390 times
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Originally Posted by Drewjdeg View Post
A lot of Dems want to see pension reform before implementing a progressive income tax.
More great news is IL supreme court justice Tom Kilbride (D) did NOT retain his seat. He has close ties to Madigan. The current makeup of supreme court is 4 democrats and 3 replublicans. Now it's 3-3 with a possible opening for a moderate democrat or a republican appointee. That matters because the supreme court ruled that pensions are contracts that can not be reduced or impaired at all per constitution. A new court post-Kilbride may relook at that and take another view. We'll see...

Unfortunately the ruling was unanimous back in 2015 so this is highly unlikely unless we vote to amend constitution.

https://www.reuters.com/article/us-i...0NT1U220150508
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Old 11-04-2020, 10:02 AM
 
Location: Chicago, Tri-Taylor
5,014 posts, read 9,468,177 times
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Originally Posted by Vlajos View Post
That's me. I don't want to pay more until the state controls spending. So glad this was defeated.
Thank you all once again.

https://www.chicagotribune.com/polit...htmlstory.html
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Old 11-04-2020, 07:12 PM
 
5,527 posts, read 3,257,106 times
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Now that the progressive income tax has been defeated, and the Senate is not going to vote to bail out states, how long can Springfield keep the plates spinning?

My understanding was that the situation is desperate and Pritzker was counting on both more revenue and federal support, neither of which will happen now.

The income tax will be raised per his threat, but there's a political limit to that.

I agree that a state amendment will be necessary to reduce pensions. Maybe this time around it will be paired with a progressive income tax as it should have been the first time the latter was put on the ballot.
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Old 11-05-2020, 06:17 AM
 
1,068 posts, read 918,390 times
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You'd be amazed at how long states can delay the pension crisis. I know they're currently securing bond debt with future tax revenue. That could technically extend out forever. Also, the debt limit is high but pay close attention to the cash levels. When cash runs out is key. Social Security will "run out" of money but new tax money paying for old can support social security at about 70% of benefits. Not sure Illinois' % number but it appears other municipalities filed bankruptcy when there was literally no cash to pay pensions and support services so that's the critical level to look for.
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Old 11-05-2020, 06:21 AM
 
9,952 posts, read 6,683,507 times
Reputation: 19661
Quote:
Originally Posted by JonhE View Post
Yes. I'm glad Illinois voted it down. But, it kind of perplexes me that Dems in general love to raise taxes and spending, yet, obviously here a lot of the Dem voters voted "no" which seems contradictory.
Most of us are literate. The amendment language didn’t say anything about tax rates. It basically says they can do whatever they want for individuals now. They could set the top margin at 10K if they wanted to.
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