Not the End of Tax Increases?
Still another case in the courts might mean even higher tax increases:
- The Illinois Supreme Court has scheduled oral arguments for Nov. 17 in Chicago's attempt to reverse a lower court ruling that voided a law aimed at shoring up two of the city's financially shaky retirement systems, a court spokeswoman said on Friday.
A Cook County Circuit Court judge in July rejected Chicago's arguments that the 2014 Illinois law provides a net benefit to workers and retirees because it will save the municipal and laborers' retirement systems from insolvency.
The city also unsuccessfully argued that the law was backed by a majority of affected labor unions.
The circuit court decision followed a May Illinois Supreme Court ruling in litigation over a 2013 law that reduced benefits for workers in state retirement systems. In that case, justices found public sector workers have iron-clad protection in the Illinois Constitution against pension benefit cuts.
That $588 million might be approaching over a billion dollars in short order.