Live in Chicago? Ready for doubling of your property taxes?

Winter Woman

Winter Woman

Well-Known Member
Rahm Emanuel has given warning that property taxes must double to pay pension costs. A 1.07 billion balloon payment is coming due and someone has to pay the piper and it looks like it is you. Maybe Chicago is going to file bankruptcy too.

The state of Illinois is #2 on losing citizens. How's that change working out for you?


http://online.wsj.com/news/articles/SB20001424052702304815004579419371878171830

http://www.breitbart.com/Big-Government/2014/03/12/Chicago-Mayor-Warns-of-Doubled-Property-Taxes-to-Fund-Spiraling-Pension-Costs
 
N

NoDrama

Well-Known Member
In the end the banks will get paid and the pensioners will lose most of their pension. people will sue, but when there is no money, there is no money.
 
G

greentrip

New Member
I suppose that's what they get for electing such half ass
people. You would think after Rahm, and Barry these people would learn not to elect these types.
 
theexpress

theexpress

Well-Known Member
the state of Illinois is indeed looseing citizens... im hoping to be one of them soon.... but its got a long way to go until its Detroit in terms of bankruptcy
 
M

maylee

Member
This problem is easy to understand. Politicians agreed to pension demands of the police. They are by far the main culprit of this. They agreed to pay police their full wages and medical at age 50. If they work longer they may get even more. The main problem is they did not fund this agreement. (it is simple math to figure this out, start work at 25 retire at 50 that's 25 years, then live to 75 another 25 years) To make this work they would have had to pay a much larger percentage of police pay toward the pension. By a lot I mean like at least half there wages. Then this would have been correctly funded and there would be no problem. But it seems to be politically not possible to face the real causes of this. It seems easer to apply this retroactive extortion on the local land owning people. The voting populace has a few choices. One to leave to escape this. Two to agree and pay for this through high taxes. Or refuse to pay and make the police work a few years longer and have there pension adjusted according to how much was actually contributed. The latter choice if the hardest but most sound.

[video=youtube;IpUV4BRqkf0]http://www.youtube.com/watch?v=IpUV4BRqkf0[/video]
 
canndo

canndo

Well-Known Member
Winter Woman said:
Rahm Emanuel has given warning that property taxes must double to pay pension costs. A 1.07 billion balloon payment is coming due and someone has to pay the piper and it looks like it is you. Maybe Chicago is going to file bankruptcy too.

The state of Illinois is #2 on losing citizens. How's that change working out for you?


http://online.wsj.com/news/articles/SB20001424052702304815004579419371878171830

http://www.breitbart.com/Big-Government/2014/03/12/Chicago-Mayor-Warns-of-Doubled-Property-Taxes-to-Fund-Spiraling-Pension-Costs
Click to expand...

WSJ and Breitbart eh?

Gee, maybe he could tax the rich in Chicago and leave the rest of you alone? No, the rich might leave and take all the jobs they said they create with them.
 
Winter Woman

Winter Woman

Well-Known Member
UncleBuck said:
there are lots of areas with high crime rates around chicago.

why mention only and specifically the south side of chicago?
Click to expand...
Because once my car broke down on the Dan Ryan at night. The police stopped and gave me a lift to a safe place and then they gave me one heck of a lecture about being safe in Chicago. Place scares me more than Detroit.
 
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