New Source of Revenue Needed
- Chicago’s fast-approaching pension crisis should be solved—not by cutting employee pensions and imposing annual property tax increases, but by finding “new sources of revenue,” the City Council’s Progressive Caucus said Friday.
Mayor Rahm Emanuel is struggling to close a $338.7 million budget shortfall that will balloon to $1 billion next year without a painful mix of new revenues and employee concessions.
That’s when the city is required by state law to make a $600 million contribution to stabilize police and fire pension funds that now have assets to cover just 30.5 and 25 percent of their respective liabilities.
Emanuel wants the Il. General Assembly to impose annual property tax increases on Chicago homeowners and businesses, but put off the balloon payment for police and fire pensions until 2023 to give the city and its unions time to hammer out employee concessions.
On Friday, the City Council’s Progressive Caucus staked out a dramatically different position.
In a statement, the eight-member Caucus argued that the “manufactured crisis” was created by “decades of failure” to make “timely, regular and full payments” to city employee pension funds.
“It is a failure arising from mismanagement and possible corruption in the oversight of those funds,” the statement said.
Gee, if only there were some massive cash source, something that hadn't existed before that would magically result in a cash influx.....like a giant pool of untapped money. Almost exactly like a TIF fund. Or maybe if Rahm had something to sell.....like an airport! Or possibly a new revenue stream...something like a casino!
Oh wait, it's Chicago. Wring concessions from anyone, take care of the connected, maybe the feds will bail us all out.
Oh wait, it's Chicago. Wring concessions from anyone, take care of the connected, maybe the feds will bail us all out.
Labels: money questions
posted by SCC at 12:03 AM
109 Comments:
A city income tax.
Just like NYC.
I'm tellin' you people, it's coming.
Back the police!
1.Give back the "three" hours for impound court
2. Start seizing houses
3. Collect the fines for illegal alien crimes (especially DUI's.
4. Curtail entitlements.... Ex: A 22 year old male cannot have 2 LINK cards in his wallet w/ $550.00cash next to it. Oh yeah, I forgot, while driving a Sclade' with full tints.
Or possibly a new revenue stream...something like speeding cameras.
Yes. Like the new Illiana Expressway that just happens to pass right next to the proposed airport in Peotone where all these politicians and their friends bought property. Amazing coincidence.
What about the speed cameras?
“It is a failure arising from mismanagement and possible corruption in the oversight of those funds,” the statement said.
Sounds like a crime to me...
is anyone going to get charged?
Oh, wait, this is Chicago.
If we are forced to reform pensions then the city should reform the residency rule!
OT: If Barb West is going to the the academy a lot of people will be packing their bags soon. Welcome to patrol and your late car on midnights. Remember, nothing lasts forever on this job and be happy you beat them for as long as you did.
Time for a complete redevelopment plan for every foot of lakefront in this ratty outdated city.
casinos would just be the start.
aquatic centers, resorts, luxury highrise hotels, condos and mansions right on the water, envy of the nation.
screw that 100 year old prohibition on development of the lakefront. What's it become anyway but a plain, obsolete, broken down trail of concrete and pissbums mixed with a few patches of grass.
this town should and could have 30 miles of post modern waterfront recreational development that rivals any cancun, french riviera, florida, California, or any worldwide destination and then some, considering our 4 seasons would offer year round activity, indoor, outdoor, manmade, or natural.
we used to be the nation of firsts, biggests, and bests in architecture, entertainment, or engineering marvels. And chicago led most of the time.
if dubai can put a ski resort atop a hotel in the desert, there isn't anything we can't do here if we think big...
oh, wait... the democrats run this state, city, and county. Never mind. Just get ready to pay more for less and remind your non gun-carrying friends to have an old cell phone and wallet ready to give to the next mob of group home wilding oppressed savages that accosts them in any of our once great neighborhoods...
Why can't we get our cash cow parking meters back? Still don't understand how you can sell a public asset that makes money in a time of financial crisis.
Do NOT be fooled
"Progressive Caucus" in layman's terms simply means communists
If you lie down with dogs, prepare to get fleas
We all want happy first responders don't we?
“Politicians quickly learned to take liberties. One common tactic involved illegally borrowing cash from public retirement funds to finance other budget needs.” …
” Here's what this game comes down to. Politicians run for office, promising to deliver law and order, safe and clean streets, and good schools. Then they get elected, and instead of paying for the cops, garbagemen, teachers and firefighters they only just 10 minutes ago promised voters, they intercept taxpayer money allocated for those workers and blow it on other stuff. It's the governmental equivalent of stealing from your kids' college fund to buy lap dances.”
http://www.rollingstone.com/politics/news/looting-the-pension-funds-20130926
This city kills me, they have a stupid tax for everything and squeeze every penny out of every resident and visitor
impose a public safety pension tax on every purchase until its paid off!!!!
Anonymous said...
We all want happy first responders don't we?
Apparently not. First responders haven't been happy for years. I'd say morale is pretty much non existent at this point.
1.Give back the "three" hours for impound court
What the hell does that mean? Since when do we not get "three" hours for showing up to any court?
How about red light cameras on the freeway ramps? Would make a fortune every day.
How about making the express lanes on the Ryan and Kennedy toll lanes, say fifty cents each way paid with an iPass? Would make a fortune every day.
How about a Save the Pensions website? Christ, there is a Save the Whales site that makes millions. Give some of the citizens the opportunity to make a contribution that is tax deductible.
Retired CPD, I live in the Tampa area. If you are arrested for any crime here the Officer states in the report how many hours he wasted on you. They then tack a $30 fee for every hour spent on processing your arrest. Unlike Chicago they must pay these fees as part of there court costs and the funds are then transfered to the county or city that arrested you. That would easily pay for the Missing money in the pension fund and also pay to hire new police. Hey Rahm(ASS) and Mcnutjob this could solve all your problems give it a try!!!!!!!!!!!!!!!!!!!!!!!!
TIF's Are Removing A BILLION DOLLAR$ Of Tax Revenue A Year From Chicago
https://www.facebook.com/events/703458633015413
"...Mr. Emanuel has one other tool he's yet to employ. He should look again at scaling back the city's byzantine system of tax-increment financing..."
http://www.chicagobusiness.com/article/20131005/ISSUE07/310059992/where-are-the-options-now-mayor-emanuel
Anonymous said...
Yes. Like the new Illiana Expressway that just happens to pass right next to the proposed airport in Peotone where all these politicians and their friends bought property. Amazing coincidence.
10/19/2013 12:39:00 AM
If that airport ever gets built, Jesse Jackson Jr is a billionaire when he exits prison, and he'll still be collecting his $8700 a month "disability" check from Congress (remember how he orchestrated the whole bi-polar thing when he realized daddy couldn't bail him out of his criminal trial?).
OT: Somebody posted that Shields hearing is next Tuesday at 5:30 pm at FOP. The hearing is actually at 5:00 pm.
Could it be possible that he's trying to keep people from attending? We need to make a strong statement with a strong showing to let his hand picked committee know that we won't tolerate his or their nonsense.
This guy needs to be given the boot.
Rahm Emanuel and city planners are retarded. If they want "new revenue" how about doing creative things like making northerly island an amusement park to rival great America? Or how about making the old post office a casino?
The city is sitting on tens of thousands of vacant buildings. How about simply giving them away to developers and large corporations? Reduce liabilities like CHA where people live for free. The freebies need to stop!
Close down Michigan avenue to road traffic and make it a gigantic outdoor shopping mall like they do in Europe. Get coppers out of the ghetto and protect people downtown so they don't have to worry about roving black teen mobs.
You know why the city keeps fucking with you? Because you let them. That is why.
@Belly of the Beast...the Progressive caucus is one of your only chances of getting rid of Rahm. This isn't the 1950's anymore, don't think we need to worry about "commies." There's a different kind of "McCarthyism" in town.
Well a good start would be to woo Valarie Jarrett away from the white house and make her the City Czar responsible for solving this mess. In addition, a city income tax and slightly higher property taxes. People that can afford I phones are not being taxed enough. Progressive democrats do have the answers. They are the nations future.
Even though it really doesn't mean much it's nice to see that in print. The reason it doesn't mean much is because it's Rahm's way or the highway and Rahm has no intention of honoring the city's obligation to our pensions. All Rahm wants to do to us is take,take,take.
Rahm struggling. Treading water? The City is so worried about how to pay the bills, yet Rahm continues to spend on frivolous parks and needless TIF projects. And the Council goes along with it.
Article in the Times regarding Lord Daley, Shanks of Short, and his 'under oath' deposition regarding the sweet deal for his friends of Milleniuem Park. The way over budget project and zero revenues from the Bean and Park Grill, all the while Rahm allocates $60 mil for Grant Park-Maggie Daley Park. So much for Rahm the Reformer, he can't keep that Daley Empire from toppling, and hopefully this 1 term weasel goes down too. Anyone remember Daley touting how he was building schools, police & fire stations, and libraries when he ran his last re- election? Now we seen all what Rahm has closed, but now Rahm says he's building new schools.
Absolutely no corruption here. None.
We can get our "cash cow" parking meters back. It's easy. Just come up with one billion dollars and buy them.
So, if the 'we're so broke' mayor gives tens of millions to the De Paul field project, a done deal I believe, shouldn't we, as taxpayers, benefit from the proceeds of all games played or any other paying events using the field? I think at least 60% or more. And since he keeps trying to cut my retirement benefits, I think maybe I'll need my job back since I still have a few good years left in me and he broke the deal, not me.
How about cutting benefits for the parasites whose only function in like is to get high, have more kids, and vote.
Awww hell no, we have plenty of money. Why not build in addition to the Magget Daley Park a Section 8 or homeless park?
Look, the city will tax and find revenue for pensions and Maggie parks
somehow. They want the new influx of money from casinos for thier own scams.New casino money for more crazy spending.
How about "turn signal cameras" at intersections? That would be a great revenue generator for Rahm, and complement the red light cams at the same time. The City could also install "no smoking cams" to catch those damn pesky smokers who dare to smoke within 15 feet of an entrance doorway of some of our landmark buildings: Hancock Center, Willis Tower, Wrigley, etc.
peas in a pod of corruption:
didn't Gov potato head state in the press,just last week, that he refuses to talk about a casino for Chicago until the mayor and the state pols
"FIX" the pension crisis, period!
thus avoiding any payouts to police and fire pension funds that
were raided by the same corrupt pols through the years?
nice slick move potato head, we never saw it being palmed while you dealt from the bottom of your
slimy deck.
measure out lung capacity and tax us for air inhaled
police and fire are a captive tax base due to the residency rule.
they steal our pension dollars
tax us more to pay for the "Free" crap they toss out for votes, and
once the taxes are increased they shall reduce our pension benefits as planned.
Residency rules are discriminatory
to the workers who pay taxes in chicago
Since the broken Cook County Judicial System does little to nothing to all our fine Chicago criminals. Start docking and deducting fines from their abused and living large off the tax payer public aid. Maybe that would become a deterrent not to continually commit crimes and plus that would generate some money.
charge the parking meeter company for putting there meters on Chicago property ,that's how we get some revenue back. Make mayor Daily pay for Maggy Daily park and use that money for our pensions.
Anonymous Anonymous said...
A city income tax.
Just like NYC.
I'm tellin' you people, it's coming.
10/19/2013 12:18:00 AM
Mass exodus if it happens.
It would only hasten the city's demise.
Guess the city will follow Detroit's lead and file bankruptcy.
Anonymous Anonymous said...
Time for a complete redevelopment plan for every foot of lakefront in this ratty outdated city.
casinos would just be the start.
aquatic centers, resorts, luxury highrise hotels, condos and mansions right on the water, envy of the nation.
screw that 100 year old prohibition on development of the lakefront. What's it become anyway but a plain, obsolete, broken down trail of concrete and pissbums mixed with a few patches of grass.
this town should and could have 30 miles of post modern waterfront recreational development that rivals any cancun, french riviera, florida, California, or any worldwide destination and then some, considering our 4 seasons would offer year round activity, indoor, outdoor, manmade, or natural.
we used to be the nation of firsts, biggests, and bests in architecture, entertainment, or engineering marvels. And chicago led most of the time.
if dubai can put a ski resort atop a hotel in the desert, there isn't anything we can't do here if we think big...
...in any of our once great neighborhoods...
10/19/2013 02:00:00 AM
You're funny! Preserving our lakefront is one of the few things this city has done right.
Me, I'd settle for streets that are maintained, curbs that aren't crumbling, graffiti that's removed, garbage that's properly removed, existing infrastructure that's brought up to speed so our water and sewers and bridges stay functional. But the City can't even manage the basics.
Cut Entitlement Spending, and only Certain Essential Food Items allowed for SNAP (Food Stamps).
Bread,Milk,eggs,cereal,vegatables,fruit,etc.
NO: Soda,cookies,candy,potato chips,pork rinds,expensive cuts of meat, shellfish, (Lobster,Shrimp (Swimps),Crab.
No Frozen pre-made meals. Make em yourselves, Lazy Fucks.
No job of any sort after 6 months, CUT OFF
Any Drug or Felony Arrest CUT OFF
Any family kid absent feom School or out after Curfew, CUT OFF1
Any proven membership in a street gang, CUT OFF
Any arrest & conviction for Stolen Motor Vehicle, CUT OFF
ANY arrest & conviction for a crime committed on a Teacher, Police Officer, Firefighter, CUT OFF
Failure to graduate to next Grade after school year ends, CUT OFF
Any Illegal Gun Arrest and Conviction CUT OFF
ANY OTHER SUGGESTIONS, this is just a start
Cut ALL Chicago, Crook County, State of Illinois Politicians Salaries and Pensions by 1/3rd, to start, then more if they fail to resolve the crisis, and if they cut pensions of those who earned them.
Chicago is a Mecca of Conmunist (Democrat) Politicians. Drive them out now or we WILL BE Detroit shortly
cut gold braid pension , no pension based on appointed captain salary .
use money from red light , speeding cameras to fund city pensions . use money from 2,000 less police officers budget for pension .
quit paying parents to walk kids to school , safe passage my a--.
no maggy park with tax payer money.
Rahm, Msall, Rauner and others want a Chicago casino.
They want it badly...
They DON'T WANT the possibility of having to share any of the proceeds with Police and Fire to make up for the criminally negligent intentional underfunding of our pensions by their political Godfather, The Stuttering Prick, RMD.
These fuckers want to be free to operate in a vacuum. Shoring up criminally underfunded pensions will mean prejudicial scrutiny by many eyes instead of the usual "Chicago Way" of pretend oversight by the usual cast of characters.
They're all in to bust us out because they don't want any criminal investigation to gain traction because THEY ARE complicit in the many years of back-door plays to loot/divert monies from our pensions.
A certain truth...
Muni Employee pension funds are the last of the mostly unmolested honey pots of "other peoples money" just "laying around doin' nuthin'" and it drives the likes of Rahm & Co. and Daley Inc. absolutely bat-shit crazy that they can't outright steal those pots of "free" money.
That's why these people are trying to move Heaven, Earth and a few choice precincts in Hell to enact "Pension Reform" in the guise divesting Policemen and Firemen of their legally and contractually guaranteed retirement income.
They don't like the laws because they're not written in their favor so they're pushing to change the laws for their pleasure only...
They've done a masterful job of media manipulation to turn the public against the notion of Policemen and Firemen having anything.
This thing started out with plenty of shit-talk about "cush $100K pensions and retirement at 50..."
We spied a recent online post by a Rahm & Co. shill... "$60K pensions just like the cops..."
Another certain truth...
Policing is a tough job...
It can fuck you up physically, mentally and emotionally.
Not to mention the administrative, legal and financial dangers Policemen are exposed to, even when they're 100% right.
Particularly when they roll the dice in a gray area in good faith, with the public welfare in mind and dedication to duty trying to mitigate a mess that everyone else has air and opportunity to run from.
Being a Policeman can take good years off the lives of the good people who signed on to take the job.
A working Policeman, by the time he hits his 50's with 20+ years OTJ is pretty much the equivalent of a 60 to 65 year old in the civilian world.
People know this but they're so full of jealousy and hatred that they just can't bring themselves to measure Policemen with this in mind.
"WTF makes YOU guys so m/f-ing SPECIAL?"
We do a job and see things that most sensible people hope and pray they never have to encounter?
Hatred is a funny thing...
So... Is Rahm & Co. and their media cohorts doing some strategic adjustments?
Could it be that in their ongoing Media/Propaganda War against the Police and all their concerns, the general public is starting to get the hint that they're full of shit?
So rahm wants the IL gen assembly to raise property taxes on homes and businesses- BUT not make the payment unitl 2023??? WTF- Sounds like another scam to increase revenue but not use it for the intended purpose. Why does the mayor want to wait another 10 years to pay what the city owes it's employees, while increasing taxes? If he does this, I guarantee that money will be misused for dozens of other "projects" and the pensions will remain unfunded. And when it comes time to pay up, emanuel will be long gone either earning a big salary as a do-nothing "consultant" for a private company or sit on some board of directors like daley. There will be insufficient funds to make the pension solvent and it will fall on the backs of the retirees living on fixed incomes. The city has plenty of money to pay it's bills- they just don't want to pay for this one. The police dept generates enough revenue alone to solve this issue- through tickets, bonds, asset forfeiture - if the department had it's own independent budget this wouldn't happen. And yes this all stems from years of "mismanagement" aka corruption from the previous mayor who should be sitting in a jail cell for all of his thievery.
Off topic new range opens in mass transit tactical office. Sgt E P in charge. Rental police vehicles also available at that location contact Lt C for details.
A small city income tax is coming. It will start off as tiny. Like 1% of your income. Then it will grow and grow and grow.
Come on, it's only 1%. 1% for our children. What's the matter, you don't like children? How dare you! We need the 1% from the top 1% to pay their fair share. If you are in the middle class it won't affect you.
Tax and spend all over again
Dubai government doesn't tolerate the criminal element that occupies 40% of chicago
Rahm is hellbent on pension "reform" aka givebacks for us. He's stated numerous times that he won't find additional revenue sources for our pension fund until he gets the pension reform he wants.
He's such an ignorant, condescending asshole.
Daley found 400 million for millennium park but no one can find money to pay the people that protect/protected this city. Fuck them all
The story should read NEW IDEAS FOR REVENUE NEEDED:
As a C.P.D. retiree, I'm getting disturbed that the unions aren't calling out Rahm on his bullshit. First of all, ALL DISCUSSION on Chicago's financial woes centers on the underfunded pensions. No other alternative can even be mentioned or considered. If that's the case, we can never really expose the true culprit. We need to focus and publicize the fact that rampant corporate welfare is draining Chicago's resources. Building a new stadium, planter boxes, a new runway at O'Hare and constructing such poor roads that maintenance costs are guaranteed for the next 100 years. Why do we placate a company like Archer-Daniels-Midland who is seeking 20 million dollars of concessions on top of their already lucrative dealings with our state? How can we continue to give United Airlines more sweetheart deals when they do all their hiring in India? The people who answer United's reservation phones certainly don't spend a dime in the City of Chicago.
How can they even suggest that giving retirees a defined contribution plan would be legitimate? I'm 100% certain that all of the fund managers who would be selected would have very close ties to the administration.
The City of Chicago, Cook County and the State of Illinois are all suppressing any meaningful discussions on anything other than pension reform. How about some discussion on the possibility of raising revenue through terminating taxpayer-funded corporate subsidies? Not a single word from Rahm, Preckwinkle or Potato Head. And don't expect the large corporations who do business with Chicago to say anything. They love it when their little "deals" are out of the spotlight. Let's focus on pensions, eliminate benefits and our profits will be even greater. Yet, not even one economist is allowed to explore these options. Pensions are the sole cause of our bankruptcy. Don't remind the public that our governments failed to fund the pensions while giving corporations a blank check to build public works. The New York Times has said repeatedly that cities are giving $80 billion each year to companies in the form of subsidies and tax expenditures As broke as Detroit is, their hockey team was promised a tax financed new arena costing more than a quarter billion dollars.
The politicians use the word crisis when referring to the pensions. They never seem to use that word when announcing the construction of a new unneeded basketball stadium. It's easier to slash retirement pensions that to explore raising revenue through ending the corporate sweetheart deals.
Its time for the unions to publicize, and the U.S. Attorney to investigate the real culprits.
"...but put off the balloon payment for police and fire pensions until 2023 to give the city and its unions time to hammer out employee concessions. ..."
2013, time for the bulk of retirees to die off. The current working cops of the "do more with less" smaller CPD as a reslult of the hatchetwork of McAsshole will be a smaller pension liability.
Meanwhile we pay the price in blood and damaged neighborhoods.
plenty of good observations, suggestions, and ideas.
too bad we still have so many, "f*ck them all, too bad" comments.
And did somebody actually say don't develop the lakefront because the one thing this city has done right is 'preserve the lakefront?'
have you seen and been to many of the miles of lakefront, eroded, where the water has receded and all you see is muck and landfill starting to show up where there was once beach or walkways?
Montrose beach where they just left a fence up to close off the entire section that collapsed?
bike trails dark, deserted, and broken up with cracks and potholes?
fields and fields of bald dirt?
In the meantime, where the city has conveniently allowed private development in spite of the ban, a select exclusive few benefit from using the public's finest natural resource as their playland with no advantage to the tax base and just a shortsighted, short-term gain for the insiders collecting the revenues from, say, the parties that were thrown for all the ghetto crowds and loud music at montrose beach, or the exclusive turf soccer fields only for some and not for others...
the lakefront from McCormick place to 103rd is virtually unused (unless you're George Lucas and city bigwigs at Hyde Park). That's a waste.
This town is 25 years behind, at least. A tram that runs the lakefront from evanston to the Horseshoe casino, a lakefront police unit with its own detention/processing facilities, ambulance, helicopter, transports...
waterparks, wavepools, jetski areas, daily liquor permits, entrance fee designated areas, family areas, adult-oriented entertainment (clubs, live music venues)... all on the lake. exclusive residences, hotels, condos, attractions, new museums, large scale sculpture and technological spectacles that would make the bean and millennium look like afterthoughts.
Anonymous Anonymous said...
A small city income tax is coming. It will start off as tiny. Like 1% of your income. Then it will grow and grow and grow.
Come on, it's only 1%. 1% for our children. What's the matter, you don't like children? How dare you! We need the 1% from the top 1% to pay their fair share. If you are in the middle class it won't affect you.
10/19/2013 01:12:00 PM
Shocker, but Emanuel has stated several times he will not consider a City income tax.
Anonymous Anonymous said...
peas in a pod of corruption:
didn't Gov potato head state in the press,just last week, that he refuses to talk about a casino for Chicago until the mayor and the state pols
"FIX" the pension crisis, period!
thus avoiding any payouts to police and fire pension funds that
were raided by the same corrupt pols through the years?
nice slick move potato head, we never saw it being palmed while you dealt from the bottom of your
slimy deck.
10/19/2013 09:48:00 AM
Shouldn't his PAYCHECK be WITHELD, then, until he agrees to discuss it?
I mean, it's only right.
Off topic new range opens in mass transit tactical office. Sgt E P in charge. Rental police vehicles also available at that location contact Lt C for details.
Ok, funny...ha ha. Give it a rest. It's old.
Well a good start would be to woo Valarie Jarrett away from the white house and make her the City Czar responsible for solving this mess. In addition, a city income tax and slightly higher property taxes. People that can afford I phones are not being taxed enough. Progressive democrats do have the answers. They are the nations future.
10/19/2013 07:54:00 AM
You are either a comedian or a crackhead or both.
New York City has four tax brackets with rates ranging from 2.907% to 3.648%. These rates kick in at different income levels depending on filing status.
1% would be a bargain.
The sure cure for most government fiscal shortages is to raise taxes. It works every time.
11:09 should run for mayor
rice , beans , powdered milk , dehydrated vegetables is all poor people need to survive .
that's what military receive , give the same to the needy .
also free phones should only be to dial 911 or 311 , no free internet , go to library .
So we already pay 9% towards our own penision. Then we pay a portion of our own tax's into our penision and now they want us to pay more!
if any of you fools think pensions will remain the same you are on drugs,residency needs to be put on the table when those changes come.
So rahm wants the IL gen assembly to raise property taxes on homes and businesses- BUT not make the payment unitl 2023??? WTF- Sounds like another scam to increase revenue but not use it for the intended purpose. Why does the mayor want to wait another 10 years to pay what the city owes it's employees, while increasing taxes? If he does this, I guarantee that money will be misused for dozens of other "projects" and the pensions will remain unfunded. And when it comes time to pay up, emanuel will be long gone either earning a big salary as a do-nothing "consultant" for a private company or sit on some board of directors like daley. There will be insufficient funds to make the pension solvent and it will fall on the backs of the retirees living on fixed incomes. The city has plenty of money to pay it's bills- they just don't want to pay for this one. The police dept generates enough revenue alone to solve this issue- through tickets, bonds, asset forfeiture - if the department had it's own independent budget this wouldn't happen. And yes this all stems from years of "mismanagement" aka corruption from the previous mayor who should be sitting in a jail cell for all of his thievery.
He always says to pay the 600 million owed in 2015 he would have to double the city share of the property tax. Most people think that means a $4,000 tax bill would double to $8,000, That is not true as the city share of the cook county property tax bill is only 18% of the total tax bill, CPS takes 53%cook county 85 park district 6% etc An example would be 18% of 4000 would be $720 so if it doubled you would pay an additional $720 and your tax bill would go from $4,000 to $4,720 not $8,000. Of course when the CPS which gets the Maximum tax increase every year no one complains to the politicians as it education for the children
Keep voting democrat!!!
These citizens of this city voted these idiots in power!!!!
Fuck ALL the aldermen, especially the ones in the "tax contributing" wards. Just want to keep taxing any sorry motherfucker thats got a job, but give the fucking city away to the illegals and linkers.
Rahm wants us to make concessions immediately, but he doesn't want the city to pay more until 2023, when he will surely be long gone. What a dirty rotten asshole. Fucking rich prick. He has his and to hell with everyone else.
More Than 44,000 Demand GOP Arrests For "Seditious Conspiracy" Against USA
More than 44,000 people have signed a petition on the MoveOn.org sebsite calling for the Departmnet of Justice to arrest some House Republican leaders for their roles in the givernment shutdown and debt-ceiling debacle. As The Hill reports, the petition singles out Speaker John Boehner (R-Ohio) and House majority leader Eric Cantor (R-Va.), as well as "other decision-making House Republican leaders," for the crime of "seditious conspiracy against the United States of America." While careful to point out that it does not "necessarily endorse the contents of petitions" we thought it ironic that more people successfully completed the petition to arrest the GOP for trying to abolish Obamacare than have successfully signed up for the new law.
http://www.zerohedge.com/news/2013-10-19/more-44000-demand-gop-arrests-seditious-conspiracy-against-usa
City tax on those who work in Chicago but don't live in Chicago. They get all our services, police, fire, streets and San, etc. they pay nothing for it. Charge a .25% with a max amount
People are being taxed to death in Chicago already...driving out the middle class....then who will be left...also get rid of residency and again....who will be left? Those who advocate these "solutions" are right there with the so called progressives....their ideas are doomed to not only failure but destruction. Democrat control equals destruction.
Now these jag offs notice that the payments weren't getting made? Where the fuck were these sackless assholes when Daley wasn't making the payments? Oh yea...they were at the trough with him.
So we already pay 9% towards our own penision. Then we pay a portion of our own tax's into our penision and now they want us to pay more
We pay 9%. T eachers say they pay 9% to their pension, but teachers union president Karen Lewis fails to mention that the CPS actually pays 7% of that 9% and in reality the teachers only pay 2%.
Why doesn't the city sell the naming rights to McCormick Place, the largest convention center in the country? After all 'the colonel' was a Republican and wasn't even elected to anything. Imagine how much cash the city would make if it were named 'Campbell's Bean' at Millennium Park? Or maybe scratch the Millennium and call it 'Google Park?' Just wondering.
Welcome to the future...pensions are just an illusion, just something you dreamed last night.
Lock up that fucking daley he is THE cause of so much of this shit lock his ass up. I just pray he gets whats coming to him.
I work in Chicago. I gotta get the fuck outta there.
Anonymous Anonymous said...
More Than 44,000 Demand GOP Arrests For "Seditious Conspiracy" Against USA
More than 44,000 people have signed a petition on the MoveOn.org sebsite calling for the Departmnet of Justice to arrest some House Republican leaders for their roles in the givernment shutdown and debt-ceiling debacle. As The Hill reports, the petition singles out Speaker John Boehner (R-Ohio) and House majority leader Eric Cantor (R-Va.), as well as "other decision-making House Republican leaders," for the crime of "seditious conspiracy against the United States of America." While careful to point out that it does not "necessarily endorse the contents of petitions" we thought it ironic that more people successfully completed the petition to arrest the GOP for trying to abolish Obamacare than have successfully signed up for the new law.
http://www.zerohedge.com/news/2013-10-19/more-44000-demand-gop-arrests-seditious-conspiracy-against-usa
10/19/2013 08:01:00 PM
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That's awesome, considering that progressive Democratics are Communist aligned. The battle lines are drawn. Remember which side has more battle tested Infantry Officers loyal to the US Constitution.
Rahm's math is right on the money, pun intended. The pension has a solvency of about 10 years give or take a year if the this road continues. That's right folks. The pension runs dry. No more money. Too much going out and not enough coming in. Ask your pension rep. The city will not make the 600 million payment and downstate will get them out of it. A law is only good till its re-written.
Anonymous Anonymous said...
City tax on those who work in Chicago but don't live in Chicago. They get all our services, police, fire, streets and San, etc. they pay nothing for it. Charge a .25% with a max amount
10/19/2013 08:19:00 PM
That's preposterous! If someone works in Chicago, but doesn't live in Chicago, chances are he was driven out already by the ever increasing list of over taxation, and the business he works at is already paying taxes on that property, so there aren't any "free" services, since they've already been paid for. How about just raising the city sticker fee to $500 for the first car, and additional vehicles should cost more, say $1,000 each, since they only add to the already congested enough metropolis. We can also overcharge all of the boat a**holes who add the burden of extra traffic near the lakefront, and take up precious parking space as well.
Rahm got to pay the piper next year to the tune of $600 million.I think your looking at a city income tax, commuter tax and a sales tax on services. Tax everything from getting your teeth cleaned to your lawn being cut. When this happens,the exodus of the remaining middle class will accelerate.
All you have to do is listen to the recording of the FOP Board meeting on you tube to know where Mike Shields and the boys priorities are. All these goofs are worried about is getting re-elected. Just like Durbin, Pelosi and the rest of the politicians. One Board member even tells them the troops are fed up and want to throw everyone out and all they do is argue over who will sit on the committee to hear Mikes case. Shame on all of them. Time to revolt. They aren't worried about us.
Retired CPD, I live in the Tampa area. If you are arrested for any crime here the Officer states in the report how many hours he wasted on you.
The next time you get arrested, let us know, so all the retired CPD in florida can throw you a benefit... Enjoy the weather, I'll be living in "The Villages" next year.
Start charging for calling 911.. If police show up at your house and its BS. = $50 per visit.
He will get his casino, tax increases, sell an airport and STILL not do anything about pensions . He will just spend it on other crap for the children. Wake up. The Democrats have destroyed your way of life.
ot: tell the city to give us our retro or threaten to sue for residency. If the fop would ever sue we would win. Got lifted in every other big city.
yea sure and let me guess, you think the city is broke too
This will be an unpopular post, especially because I'm retired and living in another state but.....the property taxes should be raised. Yeah, I know, you are forced to live in the city and it would impact you. I had to live their too but the years you have left after retirement and pension protection is more important than paying 300/500 bucks a year now. Especially to the young bloods that have to have the coolest car or newest gadget.
The money that was stolen from our pension fund by the city by not paying into our pension fund as law decreed, was still used to fund city projects. Whether or not you agree with specific projects or not, all of the city received them. We, the CPD, CFD, Ascme[sp] are a small percentage of the city tax base. I say, make every citizen and business repay now what was stolen from us then. Who ultimately benefits? We, the workers that kept the city running and safe. Summing it up is simple. Pay back the loan.
Anonymous Monopoly money said...
Rahm's math is right on the money, pun intended. The pension has a solvency of about 10 years give or take a year if the this road continues. That's right folks. The pension runs dry. No more money. Too much going out and not enough coming in. Ask your pension rep. The city will not make the 600 million payment and downstate will get them out of it. A law is only good till its re-written.
10/20/2013 01:30:00 AM
The pension's insolvency is caused by underfunding on the part of the City.
WHEN the City makes the State-mandated contribution next year, the pension can begin to accrue interest on the State-mandated City contribution,
Then, the pension fund isn't insolvent anymore. Simple math.
Yes I retired at 50 from law enforcement. Yes I get a great pension. That was the deal the politicians authorized for me.
I had no input into the law making. I paid my percentage of my pension every check, which was deducted by the employer.
So WTF. Why are people upset about us? Nothing we did other that work our ass off for 25-30 years on different shifts, night,weekend,holiday,days off, etc missing kids events at times due to work. Yes I signed up knowing all of this. It was a great career and a fair deal..
Now you tell me we got to change rules cause politicians didn't fund their share of the deal. See ya in court you idiots....
55 1/2
1.Give back the "three" hours for impound court
What the hell does that mean? Since when do we not get "three" hours for showing up to any court?
Cccccccccccccccccccccccccccccccccccccccc
Many years ago we were notified for ALL impoundments when it was located at 11th /State. I used to have like 2 to 3 a day staggered. Also 5 to 7 a week. Made big bucks! The police jamming shitheads//yuppies/gangbangers were one thing but the BEEFS from the alderman and reverends rained in and when they built 400 superior they got greedy and onlyvcalled us when they needed us. Our reaction to that..... Fuck impoundments.... Paying us kept us hapy and genetated much revenue , even if they scrapped the shitbox for 120.00 worth of scrap paying us the 65.00 for 3hrs still made money for city.
Downfall probably was complaints from "constituents" and or budget mgt . Greed.
Every time i get on expressway or try to jock thru city with traffic jams i just think of how much the impounding of cars like we used to would alleviate all this shit....
Oh well .... Typical. The clueless in charge worrying about the wrong shit fuck shit up worst by meddling.
3 bars
Anonymous Anonymous said...
This will be an unpopular post, especially because I'm retired and living in another state but.....the property taxes should be raised. Yeah, I know, you are forced to live in the city and it would impact you. I had to live their too but the years you have left after retirement and pension protection is more important than paying 300/500 bucks a year now. Especially to the young bloods that have to have the coolest car or newest gadget.
The money that was stolen from our pension fund by the city by not paying into our pension fund as law decreed, was still used to fund city projects. Whether or not you agree with specific projects or not, all of the city received them. We, the CPD, CFD, Ascme[sp] are a small percentage of the city tax base. I say, make every citizen and business repay now what was stolen from us then. Who ultimately benefits? We, the workers that kept the city running and safe. Summing it up is simple. Pay back the loan.
10/20/2013 10:56:00 AM
Sorry, but I don't own any of the connected construction or demolition firms in the city. I don't receive kickbacks for zoning favors or for steering the 'right' people toward one another at the private 'fundraisers' held in my full-floor penthouse condo. So, no, we don't ALL benefit from what was done with those monies stolen from our pension funds. Only a very select few do. Don't kid yourself.
And, if the benefits to ALL of us were so incredible, why is it you chose to flee Chicago?
Anonymous said...
Anonymous Anonymous said...
A small city income tax is coming. It will start off as tiny. Like 1% of your income. Then it will grow and grow and grow.
Come on, it's only 1%. 1% for our children. What's the matter, you don't like children? How dare you! We need the 1% from the top 1% to pay their fair share. If you are in the middle class it won't affect you.
10/19/2013 01:12:00 PM
It should be 3% and property taxes should go up. I don't work there or live there any more so I don't give a shit if they make income tax of 10% and triple the property taxes. Just keep the pension coming in for another 30 years.
Anyone who has read Matt Tiabbi’s column in Rolling Stone knows the “Pension Crisis” is a scam created not only by our corrupt politicians and their not paying in to them but also by Wall Street Hedge Fund managers who hope to get at the vast amount of capital sitting in state and municipal pension funds across the U.S. They have created and funded “Grass Roots” front groups like Illinois is Broke to gin up fear and loathing amongst Illinois residents against cops, teachers and firemen and their pension funds. Before the country was headed fiscal ruin back in 2008 these hedge fund managers were pushing public pension funds to invest in their fraud-riddled mortgage-backed securities. Of course they were helped by the likes of Moodys who gave the toxic investments phony Triple A ratings. This is the same Moodys that downgraded Illinois investment rating due to the “pension crisis” and pressure from Ty fahner of the Civic Committee of the Commercial Club of Chicago. Now they want to turn the pensions in to 401K type plans and basically send more of our money to Wall Street for safe keeping.
At least one and possibly two casinos are coming to Chicago! It will be near McCormick place, and the new stadium for DePaul will be its entertainment venue. Problems are Quinn is not yet on board, and there are big fights behind the scenes as to who will run them.
Sorry, but I don't own any of the connected construction or demolition firms in the city. I don't receive kickbacks for zoning favors or for steering the 'right' people toward one another at the private 'fundraisers' held in my full-floor penthouse condo. So, no, we don't ALL benefit from what was done with those monies stolen from our pension funds. Only a very select few do. Don't kid yourself.
And, if the benefits to ALL of us were so incredible, why is it you chose to flee Chicago?
10/20/2013 04:56:00 PM
You missed my greater point and went to argue how many angels can fit on the head of a pin. Oh, and the answer to your question is, "been there, done that" and now, as in this post, I've moved on.
10/20/2013 10:56:00 AM
Sorry, but I don't own any of the connected construction
Just so you understand what the greater point is that you missed; It's that Rahm wants to put all of the pension problems and solutions on the city workers that did nothing wrong and not get negative political repercussions. Raise the taxes on everyone to make our pension whole and we benefit in the long run, the rest of the city is forced to feel the pain that he currently wants only to inflict on us, and the c__ksucker won't be voted back in office. Hope that makes things more clear for you.
This from the Financial Times this weekend-
"Funding ratios for the 100 largest DB pension plans at US companies, which boast close to $1.4tn in combined assets, rose to an eye-catching 91.4 per cent last month, having climbed from just 74 per cent in September 2012, according to Milliman, the actuarial firm. "
With Chicago pensions at 25 and 30% using optimistic assumptions, There is no realistic way to get these properly funded. I would spend my money and efforts trying to get funding an a guarantee for lets say 75%. The more time wasted in addressing the issue the worse it will be.
Do you want some of a pension or none of a pension? I'm afraid that is what it has came down to.
Not a Cop
Anonymous said...
This from the Financial Times this weekend-
"Funding ratios for the 100 largest DB pension plans at US companies, which boast close to $1.4tn in combined assets, rose to an eye-catching 91.4 per cent last month, having climbed from just 74 per cent in September 2012, according to Milliman, the actuarial firm. "
With Chicago pensions at 25 and 30% using optimistic assumptions, There is no realistic way to get these properly funded. I would spend my money and efforts trying to get funding an a guarantee for lets say 75%. The more time wasted in addressing the issue the worse it will be.
Do you want some of a pension or none of a pension? I'm afraid that is what it has came down to.
Not a Cop
The city, not the State, is responsible for city employee pensions and yes they do have the money and are court mandated to pay. The teachers, however, are joined at the hip with the State in some convoluted arrangement whereby downstate school districts don't even pay into the pension fund. That's a different issue. There is a timeline and % to pay set by the court as far as the city goes. The City, plain and simple just does not WANT to pay. You are drinking from the City Kool Aide fountain if you believe what the City says.
Was a Cop.
10/21/2013 09:31:00 AM
This from the Financial Times this weekend-
"Funding ratios for the 100 largest DB pension plans at US companies, which boast close to $1.4tn in combined assets, rose to an eye-catching 91.4 per cent last month, having climbed from just 74 per cent in September 2012, according to Milliman, the actuarial firm. "
With Chicago pensions at 25 and 30% using optimistic assumptions, There is no realistic way to get these properly funded. I would spend my money and efforts trying to get funding an a guarantee for lets say 75%. The more time wasted in addressing the issue the worse it will be.
Do you want some of a pension or none of a pension? I'm afraid that is what it has came down to.
Not a Cop
News. There is a plan to get the CPD and CFD pensions up to 80% by 2040. I believe its SB3538 regarding new hires. The city has to start properly funding the pensions in 2015 as they should have been doing for the last 40 years. By 2040 the pensions will be at 80^ That is a realistic plan but the city already wants an extention and doesnt want to put their share in because it will take an increas in property taxes to accomplish this. Funny tho, the mayor doesnt mind giving the ok EVERY YEAR to increase the CPS share of the property tax. I know its for the children, but the children of a terrible money wasting CPS that does not produce good students
Now you tell me we got to change rules cause politicians didn't fund their share of the deal. See ya in court you idiots....
Dont be to anxious to see them in court or have you forgotten who slates the judges.
Anonymous Anonymous said...
10/20/2013 10:56:00 AM
Sorry, but I don't own any of the connected construction
Just so you understand what the greater point is that you missed; It's that Rahm wants to put all of the pension problems and solutions on the city workers that did nothing wrong and not get negative political repercussions. Raise the taxes on everyone to make our pension whole and we benefit in the long run, the rest of the city is forced to feel the pain that he currently wants only to inflict on us, and the c__ksucker won't be voted back in office. Hope that makes things more clear for you.
10/21/2013 09:22:00 AM
Gotta wonder, if that's what you wanted to say the first time why you didn't just SAY it the first time.
To Not a Cop:
Raise Taxes , that's what you Dems voted for, you guys can have the mess, keep voting "hope and change" and stop blaming the employee....
Us annuitants have solutions that you "hope an change folks don't" want to hear...
So raise taxes like the platform of your party stands for!!!!
We need a City Public Safety Tax on each purchase!!!!
It's ok to do it on flights to fund Air Marshals
Anonymous Anonymous said...
Anyone who has read Matt Tiabbi’s column in Rolling Stone knows the “Pension Crisis” is a scam created not only by our corrupt politicians and their not paying in to them but also by Wall Street Hedge Fund managers who hope to get at the vast amount of capital sitting in state and municipal pension funds across the U.S. They have created and funded “Grass Roots” front groups like Illinois is Broke to .........blah, blah.......it's all a big conspiracy by right-wingers.
10/21/2013 04:41:00 AM
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Really? Then why the fuck have Illinois Democrats -- not hedge funds, Koch Bros., Geo. Bush, Tea Partiers or Hitler -- doubled my income taxes, tolls, fees and property taxes?
The Civic Federation wants lowers taxes. I want lower taxes too, because my taxes keep going through the roof and I'm not made of money.
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Gotta wonder, if that's what you wanted to say the first time why you didn't just SAY it the first time.
10/21/2013 08:18:00 PM
Mea culpa. I thought I did but I restated my post in different terms for the purpose of clarification. You can stop wondering. We are on the same side. Stay safe
The city, not the State, is responsible for city employee pensions and yes they do have the money and are court mandated to pay. The teachers, however, are joined at the hip with the State in some convoluted arrangement whereby downstate school districts don't even pay into the pension fund. That's a different issue. There is a timeline and % to pay set by the court as far as the city goes. The City, plain and simple just does not WANT to pay. You are drinking from the City Kool Aide fountain if you believe what the City says.
The CPS teachers are the only teachers that have to pay into their pensions and their pensions are supported by tax dollars. They claim to pay in 9% like the CPD and the CFD, but in fact only pay in 2% and the CPS pays the other 7%. That money that comes from the CPS to pay most of their pensions is supported with out tax dollars.
Wouldnt you love to have the CPD pick up 7 of our 9 percent contribution. That in itself would be a nice raise payable every year
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