Chicago Fed Thinks It Knows How To Tax Illinoisans Fleeing Pension Liabilities

Federal Reserve Bank of Chicago

This article comes from Wirepoints.com

by Mark Glennon

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.

Read more here.

Comments

  1. Charlie BROWN 14 May, 2018, 19:07

    My house is a fixer upper, that I could never fix up. I suppose it is worth 90K. We had a vote this year for the schools and my property tax went to $1400 per year with annual increases for the next ten years. Yep another cog in the Agenda 21 wheel. Break us all and put us all on the streets. My Brother owns a large landscaping business in a smaller city in CA. (Salinas) He is now contracted to clean up all of the human feces and disinfect the area, every week. I thought the big problems in CA. were just in the Lrg. ultra liberal cities, I was wrong.I would give my opinion, but I think you are all smart enough to know what is going down and it hasn’t really let up since Trump became Pres.

    Reply this comment
    • WGP 15 May, 2018, 11:18

      You are right, the local tax structure cannot be cured from the White House. Your local swamp is the problem that needs a draining.

      Reply this comment
  2. Chip 15 May, 2018, 09:13

    Amazing convergence Charlie. I had a boss we affectionately referred to as “The Chief” when I did remodeling in the San Fernando Valley in the 70’s. He had a saying that seems to fit here,
    “If you s- – t in(on) one hand(street) and wish in(on) the other, which one(street) do you think will fill up first?” …which kind of goes with Maggie Thatcher’s “Sooner or later, you(never) run out of other people’s money(s- – t).” BTW, the Swamp wasn’t filled overnight…Think about what he (Trump) has managed to accomplish with Mueller dogging his every move and MSM slamming him at every turn.

    Reply this comment
  3. Retired Navy Spook 15 May, 2018, 10:33

    My wife and I live in rural northeastern Indiana, about 3 hours from Chicago in a 4,000 square foot ranch with walkout basement on 5-1/2 wooded acres with a half acre stocked pond. Our property taxes last year were under $2,000. Move our house to a comparable area of Illinois, and our property taxes would be (using the state average) would be over $12,000 a year. No wonder people from Illinois are fleeing to Indiana.

    Reply this comment

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