The Chicago Fed Unveiled Its "Solution" To The Pension Problem Gasp!
Posted: 05-14-2018 10:52 AM
It is the "Socialist Way". These Promised, unattainable, underfunded Pensions,will be the financial death of us all. Why are they Really so important..........they where initially bargained for and passed by the Democrats and their Democrat labor unions, a major source of funding the DNC. As we all know, the Dems, will go to any length Not to "Miff Of" any of their Constituents(voters) and can't import voters fast enough. Re-negotion of some of these contracts , could be helpful, but that's not going to happen, Democrats Don't Negotiate they have temper tantrums until they win.
Snippet from article:
"In other words, just confiscate wealth from current owners because they will pay, whether they stay or not, through an immediate reduction in home value."
An "Audible Gasp" Was Heard When The Chicago Fed Unveiled Its "Solution" To The Pension Problem
Submitted by Mark Glennon of Wirepoints
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.
Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had.
Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.
The Whole Story
https://www.zerohedge.com/news/2018-05- ... on-problem
Snippet from article:
"In other words, just confiscate wealth from current owners because they will pay, whether they stay or not, through an immediate reduction in home value."
An "Audible Gasp" Was Heard When The Chicago Fed Unveiled Its "Solution" To The Pension Problem
Submitted by Mark Glennon of Wirepoints
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.
Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had.
Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.
The Whole Story
https://www.zerohedge.com/news/2018-05- ... on-problem