JayBee the Hutt says "No"
- Mayor Lori Lightfoot said Monday she’s seriously considering asking the Illinois General Assembly to empower the city to broaden its sales-tax umbrella to include high-end professional-service providers like attorneys and accountants after Gov. J.B. Pritzker ruled out a state takeover of city employee pension funds.
“To be clear, the state is at just above junk status in its credit rating. So there are not liabilities that can be adopted by the state that would not drive us into junk status. So, that is not something that we can do,” Pritzker said after a news conference at CTA headquarters highlighting passage of the $45 billion “Rebuild Illinois” capital bill. “But again, we want to help municipalities in every way we can. And we’re looking at all of the opportunities to do that — like improving investment returns.”
At first, Lightfoot said “a number of different options” were being considered, that she had “no definitive plan” for pension relief, and would make no specific “revenue ask” of the governor until she cuts more costs. But asked about Pritzker’s apparent decision to slam the door on the idea of a state takeover of the city’s $28 billion pension liability, Lightfoot acknowledged a service tax was probably her next best hope.
The thing about "high end professionals" is they aren't wedded to a downtown address all the time. Sure, it's nice to have, but plenty of big companies have moved out in the past, and a law firms biggest asset is their completely portable lawyers. Accountant firms, too. In fact, most law offices already have a suburban branch office somewhere.
Look before you leap Groot.
Look before you leap Groot.
Labels: money questions
posted by SCC at 12:01 AM
70 Comments:
Amateur hour. They are clueless!
She has “no definitive plan”.... and here I thought I couldn’t feel any worse about this cities future, thank you very much. You have no plan? Groot, no plan? Nothing? You ran for fucking mayor, somehow won, and at no point during this thought about a plan? Probably for the better, we’ve seen what these democrat “plans” entail and the outcomes.
City and state just need to declare bankruptcy. Thanks god we don’t have our own currency. We are basically a banana republic.
highlighting passage of the $45 billion “Rebuild Illinois” capital bill.
********************
The state is broke. Why in the hell did we pass an infrastructure bill? Raise taxes? Well, is the money going to pay down the pension debt or government debt, ok, hurt us some. Don't make up new spending plans and raise taxes. The hole is still there and this 45 billion will plug nothing. So the government just as broke as last week, but now the tax payers are a little more broke. What kind of idiots are you democrats electing to represent us? Spend, spend, spend, raise taxes, more taxes and then more taxes.
Hey Lori, cap "ALL" pensions at $80 grand a year (an amount most P.O.'s would love to retire with). Not a single pension contribution nor disbursement to any politician pension fund until all other fund actuaries are made. Cut the damn city council and their slush funds in half. Cut the b.s. handouts to those who contribute nothing to society, you don't want to work too bad not my problem. Take away the take home cars from all city departments from those who have no legitimate reason to have them. Bring back the old motor maintenance days of parting out new wrecked cars for parts instead of scrapping them for pennies on the dollar then having to spend $300 for an alternator from an "approved" vendor. Eliminate the I only drive then sleep at the job site labor union b.s. (I don't have a driver taking me to my calls). You can drive AND use a damn shovel. I can go on and on with cost saving ideas. Funnel ALL savings to the pension fund and they will be at 90 percent in 5 years. I just figured your job out for you Lori, you're welcome!
Just as any old timer who worked at IH (International Harvester) how bad they got screwed out of their pensions..
Each day lightfoot shows from her mouth, how stupid and ill equipped she is to managed , run a big city like Chicago ..she isn't an outsider of the system.... lori is part of the system
Lol... you ain’t gonna get taxes on professional services... lawyer stuff— lol get a life
This is a viable option. To utilize the mobility of these professionals to reduce taxes would require that these full business activities move to the suburbs (not as simple as just billing through another office), that means all billable hours too- so the attorneys and their research associates would need to work out of the suburbs (again, not just for a meeting or point of sale) ...or commit tax fraud.
JB could throw some of that fortune of his into the state and city and still have money left over. And he could write it off his taxes so he won't have to pop out anymore toilets.
Wisconsin is not that far away.
Indiana is even closer.
If you move your HQ from Big City Chicago, why not make a big move to Dallas, Miami, Orlando, or Houston? Who wants to live on the Arctic Tundra four months of the year?
So, To sum it all up,
The Job is shit.
Fifteen different organizations want to jam you up for just doing your job.
You are likely to be hung out to dry if you ever have to defend yourself.
Property Taxes and Fees are taking all your discretionary income.
Your Children's Schools are lousy.
Mayor Lori wants to cut your wages.
The big Carrot keeping you here is a pension on the verge of bankruptcy.
And those are the good points for the job?
Why sign up?
Why are you staying in Chicago?
"Rebuild Illinois, so the ride out of this life sucking hell hole of taxes will be more enjoyable."
The purpose of a law firm having a downtown location was for convenience. Attorneys with downtown offices could walk to court often times accompanied by their client. However, the lack of parking, and the revolution of email, reduce the need and desire for many clients to travel downtown. Some attorneys even make house calls these days. Small firms Rent conference rooms near the court houses, rather than retain expensive downtown offices. Lori would cause vast amounts of downtown rental space to suddenly become available if she tries to put the strong arm on her legal brethren! Everyday it becomes more apparent that this woman/man is in Way over her head! And the residents of this Banana Republic will pay the price! Remember, the Mayor herself does not even own a home here; she lives in a condo! Stay Safe and remember: Nobody has your back! Baby “G”
Lets face it...the only reason these billionaire democRATS run for office is so that they can pay their friends and families millions and millions through pork projects!!!
I have always said, explain to me why anyone would spend millions of dollars to get elected to a job that pays 100's of thousands...defies reason...or the payback is $$$$$$$$$$$$$$$!!!!!
But don't worry it's all legit!!!
Hard to stop and Exodus once it begins. Tax dollars fleeing and illegals moving in to replace those dollars. You owe them Free medical and FREE college. Great trade off dollars for leeches.
Where are the budget cuts? The last cut I can remember was to local mental health services. Hows that working out? The teachers union is already threatening a strike in the fall. So we know those people are getting paid. We deserve less government which functions properly and to the benefit of its constituents.
12:32AM......
They already capped them at 106k when they did the tier 2 legislation in 2010.
And remember, 90-100% is a bullshit target number anyways.
They’ve never been funded that high. I can remember 60-62% at one point and I came on in ‘85.
It’s a number that people who want to kill your pension use to scare taxpayers by showing the associated cost.
Gold Braid can and should be gotten rid of.
Daley sells cities assets, gets OK from state for pension holliday, dumber and dumber, Rahm kicks the can down the road in process adds $.50 per dollar to the pension bill,( HB77) claims to have solved the problem LOL media hasn't much to say, Mayor Lightfoot tries to push it off on the state, it cost the state pols nothing to help Chicago to dig its hole deeper and deeper, politically expedient as well but coming up with the money is a different can of corn. = BANKRUPTCY
I guess cutting spending is not an option.
Anonymous said...
Hey Lori, cap "ALL" pensions at $80 grand a year (an amount most P.O.'s would love to retire with). Not a single pension contribution nor disbursement to any politician pension fund until all other fund actuaries are made. Cut the damn city council and their slush funds in half. Cut the b.s. handouts to those who contribute nothing to society, you don't want to work too bad not my problem. Take away the take home cars from all city departments from those who have no legitimate reason to have them. Bring back the old motor maintenance days of parting out new wrecked cars for parts instead of scrapping them for pennies on the dollar then having to spend $300 for an alternator from an "approved" vendor. Eliminate the I only drive then sleep at the job site labor union b.s. (I don't have a driver taking me to my calls). You can drive AND use a damn shovel. I can go on and on with cost saving ideas. Funnel ALL savings to the pension fund and they will be at 90 percent in 5 years. I just figured your job out for you Lori, you're welcome!
7/02/2019 12:32:00 AM
You make some very very valid points, will you look at the Chicago Police Department and many departments especially are exempt range getting that Pension’s that are incredible and how many more has Eddie made it into exempts what a waste of time waste of money waste of resources. Again and again the stupidity never stops when you walk around the city you see all the people taking cars home you see the secretaries and the districts and the assistant secretaries with the take-home cars, yeah I know it’s not much but it can start to put a slight dent into everything. As far as the vehicles go I fully agree with you not many years ago I believe it was 20 years ago 25 years ago there was a company that was taking agent police vehicles from agencies and totally rebuilding them for 1/2 the cost of a new vehicle saving the taxpayers and the city millions of dollars.
Unemployment is low, the economy is strong,
Tax revenue should be coming in at record levels. What will happen if the plans of the Democratic candidates for President leads to a recession?
I have an idea!! Cut the fat.
Lightweight had no idea what Chicago's problems are when she ran.
She has no idea what she's doing.
bankruptcy for the city is coming down the pike. Only a few years away
Would have like to see LL kick the can over to the fat man, but alas, it's not going to happen. Elsewhere, JB said he could not do this for Chicago because it would open the floodgates for other similarly distressed communities throughout Illinois, of which there are many.
So scratch an Illinois bailout off the list.
What about the Feds? LOL. All Rahm and LL have done is spit in Trump's face every chance they get. Ya think would do ANYTHING to help them out? Ain't gonna happen. Trump won't even have to say he's not doing this because Rahm and LL are nothing but leftist liberal jagoffs with their Sanctuary City policies. Nope, Trump can simply say if we do it for Chicago and/or Illinois, he will have at least 5 other states (like CT, CA, NY, etc) immediately lined up right behind them, which is true. Floodgates again.
Better amend that IL Constitution to allow pension benefits to be modified, otherwise property taxes will skyrocket, the real estate market will collapse, and the Illinois Exodus will go full throttle.
Air tax anyone.
Followed by a flush tax...taking a crap don’t come cheap.
If you ever needed a list of how to get rid of productive tax paying businesses and individuals, you have it evolving before your very eyes.
Of course JB the Hutt got caught speeding on Lake Geneva Wisconsin it is $800,000 boat. Don't worry about that $0.19 gas increase registration increase or IVC increase it's all for you little people. As I've noticed JB tops out at somewhere north of 350 to quote Chief Brody in Jaws we're going to need a bigger boat. As I wouldn't want JB to tip over and Rec is boat due to overcrowding.
Hey mayor. You’re getting a casino. The money will come in. Start cutting the city waste. No need for 50 aldermen. No need for so many bosses in every city agency. No reason to give places like DePaul money. Maybe you should look into legality of getting some of our money back. Demand that people in purchasing treat our tax dollars like it was their own cash (be frugal, don’t allow waste).
I think the law firms will just pay it. My adult child works for a large law firm. The amount of money the throw around for parties and retreats to keep the associate attorneys happy is more than this.
What happened to George Ryan’s 20 billion plus Build Illinois Program money? Can someone tell us where that ‘infrastructure money’ went. Did Lisa Madigan look the other way? Did Blago and Quinn do something with the cash?
Time for a Chicago style Boston Tea Party. But instead of tea, we throw every single politician into the Chicago River after we fill it with sharks, crocodiles, alligators and poisonous snakes.
If there was going to be a pension consolidation it would have include downstate Teacher pensions.
That’s the only reason.
IL Con Amendment could separate teachers from labor, police, fire.
So nobody is out of the woods yet.
Tax the Lawyers?
That some revenue source giving the fact all the millions the City and County hands out without a fight annually.
State law forbids taxing attorney services, but what about those home rules?
Seems ok for the City to raise water, garbage collection, fines, etc. for the regular paying folks without batting an eye.
The City can tax guns and ammo and institute bans of certain types too.
The City chooses which laws they’ll ignore and enforce against whom.
Establish a practice outside IL and avoid the regular income tax too.
That’s some lobby the lawyers have and more importantly quite a donor class.
Many don’t know that JB has a law degree. Blago was going to appoint him Attorney General.
As long as there’s a shady bookkeeper and attorney employed by JB Inc, there will no tapping their money.
Leave the burden of deficit and nickel and dime the taxpayer - they still vote Democrat.
Are you aware than beyond the gas tax hike, the license title and plate increases, that there will no longer be a sales tax exemption on your trade-in car valued above $10,000?
Highly recommend the book The Destroyer by Tex Mars
The City of Chicago can't declare bankruptcy without the State Legislature passing into law the provisions required allowing local governments to file for bankruptcy. The Democrats just will not allow for that to happen. Look at what happened with Detroit (it's in the details).
The existing Democrat establishment with NEVER allow it to happen. Here's why:
The existing power structure gets CRUSHED. Virtually all of them. A Bankruptcy Trustee is appointed by the Federal Bankruptcy Court. ALL expenditures, bills, contracts, EVERYTHING is run through the Bankruptcy Trustee. The local government administration basically becomes completely toothless. That includes the Mayor and the Alderman.
Basically, there appears (after Detroit) to be few, if any limits on the Federal Bankruptcy Trustee. It's all about the submitted reorganization plans. These plans are submitted to the court for review and it's all in the ball park of the green eyeshade types (Auditors & Accountants; Numbers People). And they can look at anything, including historical transactions.
Can you imagine what would happen based on the above IF the City of Chicago ended up in Federal Bankruptcy Court? Imagine what they would find.
Now, there's an interesting wrinkle out there, which is still an 'unknown'. That is, for a lot of the newer municipal/local government bond issues, if the required payments are not made (defaults, including technical defaults), the bond holders (above a certain percentage) can file a petition to force the issuer of the bonds into involuntary bankruptcy.
That would get messy. Really messy. That would be the court fight from Hell.
Just remember, When they say it's not about the money, it's ALWAYS about the money".
I would not feel bad if some of the lawyers whose sole purpose is to leach of taxpayer money take a trimming.
Not LEO here,
from up in Lake County,
This was just the initial back-and-forth salvo.
JB will ultimately do as he is instructed to do.
Just wait for it.
Illinois taxpayers - whatever is left of us in a couple years - will be paying Chicago's pensions.
Bet on it.
Chicago's crooked legal aristocracy is what ultimately ran the city into the ground. Now Mayor Lightweight wants to take money away from them? Ohhh, this is gonna be fun!
7/02/2019 12:19:00 AM
Anonymous said...
highlighting passage of the $45 billion “Rebuild Illinois” capital bill.
********************
The state is broke. Why in the hell did we pass an infrastructure bill? Raise taxes? Well, is the money going to pay down the pension debt or government debt, ok, hurt us some. Don't make up new spending plans and raise taxes. The hole is still there and this 45 billion will plug nothing. So the government just as broke as last week, but now the tax payers are a little more broke. What kind of idiots are you democrats electing to represent us? Spend, spend, spend, raise taxes, more taxes and then more taxes.
7/02/2019 12:30:00 AM
They're banking on a Federal bailout if there is a Democrat President!
The democrats have milked out this cow that is chitown and crook county.
The saying that pigs get fat and hogs get slaughtered has been proven false hereabouts.
The democrats have made this:
Cows get milked to death and everyone gets screwed.
>>>>> ... Lightfoot estimated that tacking a “small tax” onto invoices sent by “large law firms and big international accounting firms” could generate “tens of millions, if not more every year.” ... She called it a “very small tax burden to high-end clients ... She ruled out setting her sights on lower-end services such as hairdressers, nail salons and health club memberships. ~~~snip~~~ we are not going to propose any tax that’s ... gonna fall on the backs of those who are least able to manage that burden,” she said. <<<<<
===============
}} First they Taxed the large Law Firms and big International Accounting firms and I did not speak out because I wasn't part of a 'large' law firm or an 'international' accounting firm.
}} Then they Taxed the Lawyers and Accountants who worked out of their house, and I did not speak out because I wasn't a lawyer or accountant.
}} Then they Taxed the hairdressers, nail salons, and health club memberships and I did not speak out because I was not a Hairdresser, work in a Nail Salon, or have a Health Club membership.
}} Then they Taxed the Mom & Pop Corner Stores, and I did not speak out because I did not own a Corner Store.
}} Then they came to Tax me, and there was no one left to speak out, as there was no one left who wasn't Taxed!
===============
Just wait, first, it will be 'Service Taxes' no matter the size of the company, whether you have an office in your house, or the company has 2,000 employees around the globe. When that is bled to death, the only thing left is: Personal Property Tax and a 'Luxury Tax' -- Illinois had that in the 1960s, like for a 'Yacht' (24' Cabin Cruiser) docked in Montrose Harbor.
(OT) But wait they are saying yes to this;
As pot goes legal in Illinois, Chicago Public Schools lessens penalties for students caught with drugs
https://www.chicagotribune.com/news/ct-chicago-public-schools-marijuana-20190701-tkcu7fxzbrbktebk64zj5v7t2m-story.html
Isn’t it bad enough that our students are not learning anything many are dropping out of the pathetic Chicago public school system and now they’re going to do this yeah let’s make more of them future felons future criminals, lawlessness in the city of Chicago is obviously acceptable just asked the Democrats.
Many businesses realize they need no brick and mortar stores.
Baby G:
You were right about everything you said until you got to the part about Lori’s residency. She and her basketball player wife live in a house in Logan Square and have done so for the last 15 years.
" But instead of tea, we throw every single politician into the Chicago River after we fill it with sharks, crocodiles, alligators and poisonous snakes."
----------------------
That's just downright cruel.
What did those poor sharks, crocodiles, alligators and poisonous snakes do to deserve such a horrible fate?
Turn out the lights the parties over. It's time for all good things to end.
Want to cut budget and crime at the same time? Sure you do! Mandatory drug testing for welfare. Two strikes and your cut out of all programs. Drug demand would go down overnight so that's the crime down part and many would be cut out of program after the second strike. First year or two would be tough but let them reapply after 6 months and a clean drug test to reinstate benefits. Then mandatory 6 month tests if found dirty again lifetime ban on all city and state welfare. One way tickets for entire families to state of their choice. Follow up with a workfair program. Many problems solved and community filled with more responsible citizens again.
City will waste even more money fighting all the law suits that the high powered will throw at them.
Lets see Lightweight is now on plan H so far nothing. Maybe by the time she is at z a cut the budget program may surface. Wait, this is a Dumbocrat we are talking about, so the race and LBGT will be doubled down on. By they no one paying any attention to her braying anymore. City continues the death spiral. Maybe by then the citizens will be so desperate they will hit the R lever in city county and state. Only hope but a long shot since things are so far down.
Just shows you HOW DUMB a lawyer can be.
Sure LORI has practiced law but anything dealing with BILLION DOLLAR $$$ BUDGETS???
She is having trouble with TINY civil servant contracts like FIRE and POLICE.
Ask her what she would invest in any of the millions in pension money.
Ask her where she would build a casino to generate revenue.
Ask her how she is streamlining government to SAVE tax money. This one is a joke!
Ask her who has been held accountable on accountability MONDAYS??? Not a person and the exempts are catching on that she is a paper tiger.
Ask her how many officers still guard her/ her house and her tall wife? Yea its suck to have free security and the city takes the hit.
So lori staff who tracks all things including this website keep up the great work.
AND yes those guard that you have dont appreciate NO CONTRACT.
How about going after Shortshanks and Tiny Dancer for fiduciary malfeasance??
Those two bastards are the ones who put our pension fund on life support.
What do Lori’s colleagues at Mayer-Brown think of this idea?
Anonymous Anonymous said...
12:32AM......
They already capped them at 106k when they did the tier 2 legislation in 2010.
And remember, 90-100% is a bullshit target number anyways.
They’ve never been funded that high. I can remember 60-62% at one point and I came on in ‘85.
It’s a number that people who want to kill your pension use to scare taxpayers by showing the associated cost.
Gold Braid can and should be gotten rid of.
7/02/2019 06:38:00 AM
Your memory fails you.
I came on in 86 and before Shortshanks started letting relatives and politicians dip into our fund to wet their beak our pension was funded in the low 90% range.
Off the subject, why did my Crook County Property Tax triple on my one bed room condo ???????
WIND has a U tube vid on the police/fire pension issue being that they are not politically vulnerable they are probably more credible than anyone else, and it doesn't look good . I will post the link for the moderators inspection
https://www.youtube.com/watch?v=d_zGxPfWYM0&feature=youtu.be
7/03/2019 01:04:00AM
Cause you live in Crook County. Expect more taxes and thank every stupid democrat who voted all these useless mfers in.
No bankruptcy judge will allow the city to declare bankruptcy.
The city chooses to be insolvent, but it does not have to be insolvent.
The city has the ability to raise taxes to pay its bills.
I am a professional service provider, this is right up my alley. I was in the city for 12+ years, and I watched the steady decline of amenities (not to mention the roads) while I was there. Finally moved my office out of Chicago 6 years ago, so I don't have to worry about this. My clients who are also service providers in the city? They're either going to move to the suburbs (where it's easier and nicer to get to them AND I won't have to pay the ridiculous city parking rates, plus taxes on lunch, soda, etc.) or they're going to suffer massive business hits, when their suburban competition is able to charge much lower rates due to not having to pay the professional service tax. A city address no longer carries the cachet it once did, that's for sure.
There will undoubtedly be some sort of requirement for suburban companies providing services to city companies to list and pay tax on revenue generated from city jobs. Ah ha ha ha, yeah, right, I'm sure I'll be filling THAT form out...not.
THINK of the reduced revenue to the city, due to businesses leaving, and the hits to landlords, restaurants, convenience stores, parking, office supplies, janitorial services, mass-transit, electricity tax. Oh, and greatly reduced need for all those new downtown hotel rooms, when business is gone and the offices are vacant.
I hear these stupid liberal ideas, one right after the other, and I think to myself, "what ELSE can they do to destroy the city?" And then they do the next thing, even stupider than the last. People HAVE had enough, and they're taking steps. Drive out the last bastion of revenue you have left by making it utterly intolerable for businesses, and then you'll have nothing left but pride parades, drive-bys, and riots.
Can you imagine what would happen based on the above IF the City of Chicago ended up in Federal Bankruptcy Court? Imagine what they would find.
Well at least Daley and a few others would see the inside of a jail cell, even though they deserve much worse, if we go tits up.
Illinois and the City of Chicago are bankrupt now. Total debt and unfunded pension liabilities as far as the eye can see. The exodus from Illinois accelerating.
Anonymous Anonymous said...
What do Lori’s colleagues at Mayer-Brown think of this idea?
7/02/2019 08:30:00 PM
Her colleagues are just happy she's gone.
Keep voting democratic...you fools !!!!!!!!!!!!!
Your memory fails you.
I came on in 86 and before Shortshanks started letting relatives and politicians dip into our fund to wet their beak our pension was funded in the low 90% range.
A big part of the problem with the pension plans in Illinois has been the unrealistic assumptions of rate of return that have never been actually achieved. If you base your assumptions on making 8% every year and actually make 5% it is a killer and Illinois pension plans have consistently underperformed those assumptions.
Don't worry, when the pensions go belly up, they will give you a link card, and a free apartment in public housing. Remember the democratic party will take care of you comrade.
WIND has a U tube vid on the police/fire pension issue being that they are not politically vulnerable they are probably more credible than anyone else, and it doesn't look good . I will post the link for the moderators inspection
https://www.youtube.com/watch?v=d_zGxPfWYM0&feature=youtu.be
This is a wake up call, and I would not call these guys Chicken Little. Time to be honest and the union focus on this as priority #1.
I think 90% of us would agree with this previous post. Hey Lori, cap "ALL" pensions at $80 grand a year (an amount most P.O.'s would love to retire with). Gold braided pensions are bleeding us! no pension above LT and capped at 80K. Better than being told soon, no money left. Than what? I am retired on the pension, and if this happened, my differed comp will last about 3 years than back to work or welfare. Very disturbed right now.
If the fund goes broke, they will have to take retirees that are willing back, and raise the mandatory retirement age to 75. Plenty of inside jobs for them if you eliminate the civilians under age 30. Lift residency rule for them. Dire times call for drastic measures.
Im sure Madigan will do the right thing and subject lawyers to a reduction in income, since lawyers hold no sway in state government. They never influence legislation and the courts. Laws in Illinois are not written to benefit lawyers.
And we’re looking at all of the opportunities to do that — like improving investment returns.”
Madigan can solve the investment return debacle by passing a state law mandating pension funds achieve a 10 % average annual rate of return.
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