Tag Archives: Illinois Pension Systems
The Push for a Graduated Income Tax as Illinois Hurtles Towards the Abyss
If Governor J.B. Pritzker has his way, Illinois will institute a graduated income tax to replace its flat 4.95 percent tax rate. The governor claims that increasing the tax rate will generate billions in new revenue while only raising taxes on the wealthiest 3 percent of taxpayers with income of more than $250,000.
Before legislators can consider the proposal, however, voters must first pass a referendum that removes language in the state constitution mandating a flat income tax rate. They face an uphill battle: though Democrats control the Illinois General Assembly, the rules require that the referendum for a state …
Illinois State Pensions: Overpromised, Not Underfunded
As Its Population Drops, Illinois Has Highest Pension Burden in Nation
The Illinois Pension Scam: Unconstitutional and Corrupt
The Illinois Pension Scam: There is No Excuse for the Failure of Reform
In preparation for the recording of an IFA Spotlight weekly podcast, executive director Dave Smith asked me to do some research about the Illinois government’s employee pension problem. For me, it is not a fun topic to delve into because for a dozen years now I’ve watched elected conservative state legislators completely ignore the seriousness of the legalized theft that has been going on in Illinois for decades as it pertains to pensions.
Yes, legalized theft. How else can you describe someone paying into a fund about $154,000 over the course of their working years and then expect $2,200,000 …
