by meep
A higher tax on luxury real estate sales is one of Lightfoot’s new revenue solutions
In order to shrink the $838 million budget gap Chicago faces next year, Mayor Lightfoot says she wants to avoid raising property taxes but is committed to taxing pricey home sales at a higher rate.
During...
by meep
As I’ve been busy & tired, I’ve let drafts of posts build up. If you ever wondered why so many of my posts are super-long:
1. I start by amassing links and articles, many of which I link over at the Actuarial Outpost in one of my many watch threads....
by meep
Enjoyed that Labor Day off?
Back to the tax mines!
GOTTA BUILD UP WEALTH TO GET IT TAXED
Bad tax ideas just spread like wildfire, don’t they?
WSJ: Democrats’ Emerging Tax Idea: Look Beyond Income, Target Wealth
The income tax is the Swiss Army Knife of the U.S....
by meep
In the fifth part of this 5-part series, I look at the potential solutions of issuing bonds or a federal bailout for public pensions in crisis.by meep
OR IS IT?
(yes, there will be some pension-related stuff below, and I do have a few more public pensions in crisis posts upcoming this week)
Time for the tax stuff.
OLD STORY: THE TAXES ARE TOO DAMN HIGH IN CHICAGO
by meep
In Part 4 of this look at public pensions in crisis, I consider case studies of pension plans where the DB plans were closed. What is missing from the analysis: looking at pension plans in distress that remain open without amending benefit levels.by meep
Part 3 of the series on whether public plans are in crisis. Here, a paper by Tom Sgouros, backed by NCPERS, is looked at in detail.by meep
No commentary from me today. Just links.
(I’m going to Splashdown Beach with the family today. I hope I don’t frizzle in the sun.)
TAX STORIES
by meep
Second in a series on public pension stability. I look at a recent paper from Brookings, where a sample of representative public pensions are projected to see what stable situations they could achieve (including going to pay-as-they-go status). The Brookings authors define stability such that a pension fund debt is a constant percentage of state GDP. There are tables and graphs.by meep
I kick off a series of posts looking at recent papers claiming there is no public pension crisis. My take: I don't care if the term "crisis" is the one used. Many public pensions are not in good condition and will have financial effects on the polities supporting them. Not all public pension systems are in a bad way, but many are, and the systems in place for funding, valuation, and oversight are not only inadequate for protecting public pensions, but often encourage risky behavior.meepbobeep