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Illinois ponders pension-fund moonshot: a $107B bond sale
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2018 Jan 30, 7:35am 17,340 views 63 comments
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62
Strategist
2018 Feb 1, 7:16pm
Strategist
2018 Feb 1, 7:16pm
Booger says
Looks like the Illinois government spends most of it's time trying to figure out how to sneak in new taxes without anyone noticing.
That's OK, it's all for a good cause. $300K pensions at 55.
https://www.zerohedge.com/news/2018-02-01/its-baaaaack-illinois-privilege-tax-bill
Illinois Democrats are pushing again for passage of the “privilege tax”
Looks like the Illinois government spends most of it's time trying to figure out how to sneak in new taxes without anyone noticing.
That's OK, it's all for a good cause. $300K pensions at 55.
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If this goes down, we might see our first bankrupt state in our country. I don't get how they expect to produce income on the spread of the borrowed money vs. what they invest. IL already basically borrows at some of the highest rates in the country for a government body.
This is literally the equivalent of taking a cash advance on your credit card at 20% interest and then expecting returns of 30%. There's almost no scenario where this works out of IL citizens or the bond holders.
This is another reason I hate the back and forth on Trump. In the next 3 or 7 years if Trump is elected again, he will not even remotely have as much impact on my finances as my state legislative branch does. Next stop on the IL tax train is double digit income taxes. That will literally cost me $10k+ if we go 10% plus on IL income taxes. This is a when not if conversation. Thank god if it gets bad enough I can easily leave.