If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
The most recent round of city borrowing is a sign of things to come.
State lawmakers and the city of Chicago owe taxpayers an honest assessment. It's a sad state of affairs when we have to get that assessment from a bond guru in Kentucky.
For governments like the ones in Stockton and Illinois, government worker pension plans need ambitious investment returns of nearly 8 percent year in and year out to fund the overly generous benefits officials have handed out