20% Of Illinois Lawmakers To Quit (To Save Their Pensions?)

Tyler Durden's picture

Authored by Mike Shedlock via MishTalk.com,

20% of the Illinois House announced will not run for reelection, many of them are cowardly, corrupt Republicans who voted for a tax hike.

It’s a Huge Stampede for the Door the likes of which Illinois has never seen. They do not want to face voters after passing a huge tax hike.

Thirty state lawmakers in the 100th General Assembly will not be holding their seats in the 101st General Assembly. And that’s not even counting those who might be ousted at the ballot box next year.

 

The exodus is unlike anything Springfield insiders have ever seen.

 

In the House, 23 lawmakers will not return to their seats in the 101st General Assembly. That’s nearly a whopping 20 percent of the chamber. The situation is less severe in the Senate, where seven members are certain not to return.

 

Of the 30 total members of the General Assembly who will not hold on to their seats, three have resigned. Twenty are not running for re-election. Two are House members running for Senate seats. And the remaining five are running for office outside the General Assembly: one for governor, two for lieutenant governor, one for attorney general, and one for a seat on Chicago’s Metropolitan Water Reclamation District (yes, really.)

 

But the most likely driver is pretty obvious to most Illinoisans: the rage of constituents.

 

I am not digging into this right now, but I remember in older years, where some politicians would be eligible to get government pensions if they “retired” from their seats as opposed to getting voted out.

Allied Van Lines

Truth in Accounting asks Fleeing or Flocking?

United Van Lines has published an annual interstate migration study for decades. Looking at that study, along with state government financial conditions and related factors, you typically see that states in bad financial shape also tend to have lower trust in state government, and in turn, higher out-migration in recent years.

 

In addition to states’ migration trends, United Van Lines recently began publishing an analysis of cities. Using a slightly different method, the moving company reported the 10 cities with the highest net in-migration as well as out-migration.

 

We took a look at those cities to see how they fare in Truth in Accounting’s latest analysis of financial conditions of the nation’s 50 largest cities. Of the 50 largest municipalities, the average Taxpayer Burden calculated for the nine cities with the highest in-migration is one-fourth as high as the average for cities with the highest out-migration. Four of the cities with the highest out-migration rates were New York, Chicago, Boston and San Diego, according to United Van Lines.

 

Here’s another way to look at it — the average Taxpayer Burden for the six states that have the 10 cities with the highest net out-migration runs five times as high as the average of the Taxpayer Burden for the nine states that are home to the top 10 cities for in-migration.

 

Illinois, New York and New Jersey account for five of the 10 cities with high net out-migration rates in the United Van Lines study. You can see the lists of the cities United Van Lines ranked here.

 

We will be releasing an updated report on the finances of the 50 largest cities in the US in January 2018.

Goodbye Illinois, Hello Florida

The Chicago Tribune reported Fed-up Illinois homeowners consider moving: ‘It’s not just the property taxes on my home; it’s all of them’

The day after the Illinois legislature voted to raise the individual income tax rate from 3.75 to 4.95 percent, Northfield-based financial planner Ellen Rogin said she started getting phone calls from clients who are residents of Chicago with second homes in Florida.

 

The clients, according to Rogin, were saying “I’m worried about Illinois. Should I be moving to Florida?”

 

Rogin said anyone considering a move has to look at lifestyle, not just taxes.

 

Chicago certified public accountant Debbie Lessin said that when people consider a move for tax reasons in retirement, they may be missing a crucial element of Illinois’ tax system.

 

Illinois doesn’t tax retirement income from Social Security, pensions and IRAs, an advantageous provision for retirees living in the state, she said.

The above synopsis is from the Tribune courtesy of Mary Pat Campbell.

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DocBerg's picture

Illinois does not tax retirement income...yet.

B1G mNy's picture

Wouldn't matter if they did. Most of the ones I know that retire move out of state.

B1G mNy's picture

Gotta get out of this state! 

HominyTwin's picture

Well, if this problem is caused by pensions, and if state law says you can place a special tax on pensions of 0%, then simply raise the tax on pensions to 25% or 30%. Everyone who receives a pension from the state is considered a resident of the state, so automatically deduct 25% no matter where they reside. Voila! Problem solved!

 

If the robe-wearing-lawyers want to call that a stealth reduction, then a few kicks to the ribs will change their mind, I'm sure. Every one has high and mighty ideals until their bones start to break!

VWAndy's picture

 Welp next time be maybe a bit more careful where ya hitch ur wagon?

TheAntiProgressive's picture

That is easy elect new people who will steal their pensions they had planned for.

zimboe's picture

Rats and sinking ships.

Stan Smith's picture

    Property taxes in Illinois are a joke.   They are so high across the board for what you get,  comparably to neighboring states especially.  

    My in-laws live in a small town near Peoria.   They have nice modest 1100 sq ft home.    We live in southwest St. Louis county,  in a much, much bigger home, in what is probably the best large school district in the whole state.   We even pay a higher rate than many neighboring districts.   I'd argue we probably pay among the highest property taxes in the entire state of Missouri.

    And their annual property taxes are nearly identical to mine, almost every year since we've discussed it.    It's insane.

    You cant make that up, because no one would believe it.    Truth really is stranger than fiction.

gregga777's picture

Corrupt Politician is redundant.

Swamidon's picture

Who is kidding who here?  If there's no money then there's no money and the Pensions won't be paid because there's no way Government and Taxpayers can afford throwing money down a Black Hole.

Swamidon's picture

Broke taxpayers aren't going to support these outrageous Pensions and neither will broke people.

yerfej's picture

When you see the left abandoing ship as fast as the right it makes you wonder why the useful idiots leftists  always buy into the idea that their team is more altruistic, they buy the same scam over and over.

Swamp Yankee's picture

The people who CAN afford to move, do.

 

Those who can't, don't and get soaked... more... again.

 

Rinse repeat.

 

The place used to be one of the most vibrant places on planet earth and now look at it.    /sob.

silverer's picture

I have predicted that we will soon see oceans of homes for sale in these high tax states. Problem is, who wants to buy a house with an $12,500 a year or higher tax bill? You are actually taking out a mortgage to pay taxes, instead of buying an asset for yourself with that loan. And if you understand how a self amortizing mortgage works, you pay mostly interest in the first few years. I remember sitting at a closing after living in a house for five years, and the paid down principle was less than $600.00. I nearly heaved my breakfast. Homeowners in NJ and other high tax states will have to sell at giveaway prices to get out. If you think about it, it's nothing but a transfer of wealth to the state. Property taxes are totally evil. In foreign countries such as Hungary, you pay a one time, up front tax when you buy your home. After that, there is no tax. If you lose your job, you don't lose your home, as has happened to way too many people in the US.

headhunt's picture

Here's the real crime - a State has over a 100 Representatives with salaries, healthcare, pensions - all paid for from productive working citizens paychecks.

Ridiculous.

Minburi's picture

You couldn't give me a house in Chicago unless I were permitted to sell it right away.

Sparehead's picture

You'd still get stuck paying taxes.

BigSwingingJohnson's picture

large RV - no proerty tax in florida.

and, interest is deductable (if not elliminated in new tax bill).

plus, you can move whenever you want.