An audible gasp went out in the breakout room I was in at last month’s pension event cosponsored by The Civic Federation and the Federal Reserve Bank of Chicago. That was when a speaker from the Chicago Fed proposed levying, across the state and in addition to current property taxes, a special property assessment they estimate would be about 1% of actual property value each year for 30 years.
Evidently, that wasn’t reality-shock enough. This week the Chicago Fed published that proposal formally. It’s linked here.
It surely ranks among the most blatantly inhumane and foolish ideas we’ve seen yet.
Homeowners with houses worth $250,000 would pay an additional $2,500 per year in property taxes, those with homes worth $500,000 would pay an additional $5,000, and those with homes worth $1 million would pay an additional $10,000.
Is the Chicago Fed blind to human consequences? Confiscatory property tax rates have already robbed hundreds of thousands, maybe millions, of Illinois families of their home equity — probably the lion’s share of whatever wealth they had.
Property taxes in many Illinois communities already exceed 3%, 4% and even 5% of home values. Across Illinois, the average is a sky-high 2.67 percent, the highest in the nation.
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6 comments:
More proof all the govt wants is to take your money!!!! And make you a slave to taxes!!!! Think you are not a slave, try not paying taxes and see what happens... Just wait until the taxes and fees reach past your income, then what?????
Don’t you love when liberals take more of your money?
You must if you voted for them.
I would laugh if it wasn’t so pathetic.
How much you wanna bet nobody gets fired or voted out of office for this blatant robbery?
Democrats destroy every thing they touch.
Illinois' problem solving reminds me of a 3 stooges gag.
A gun went of accidentally causing a terrible leak in the boat.
Larry says " I'll fix this."
He shoots another hole in the boat.
Moe says," What did you do that for?!"
Larry says, "so the water would go out."
Mr Bob
Liberals, democrats, and their army of rats destroy and run into the ground EVERYTHING they become involved in....
They are HAPPY to take from anyone WORKING and give it to people who don't want to work, have NEVER worked, and refuse to work.
YOU get to work 50-60 hrs/week so THEY can put a 23 year welfare recipient with 4 kids (and one on the way) in a luxurious 3 bedroom apartment. And pay for everything that YOU only wish you had....
keep cheering.
Liberals = Communists
Wake up and learn the English Language
Words have meanings
Learn them!
Welfare abuse is the problem. Give the needy needy food at a location where they have to wait in line. Give healthy fund i.e. block of cheese (not cheese already cut into cunes.) Put welfare families in half way houses until they find a job - no job in 4 weeks out you go. Give access children to church orphanages like in the old days. Return the kids when parents get a job and a place to live. Sounds cruel but that was the way and it worked. The orphanages will teach their children manners, good work ethics. Sounds crazy but they need to wake up. No more hair dos, nails, new clothes, cars, it must stop. I caught carried away. Won't feel bad if you erase it.
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