Illinois Senate passes Privilege Tax on investors

[muwarrior69]

The building has little value unless bought by a non govt school for the same use.  The land has value but you need to demolish the school and that is what in most cases the debt was incurred. 

Interesting the examples you use to prove I'm wrong are assets that future sum of cash flow analysis can be used to create a valuation. you don't list prisons, or courthouses or non toll roads

Thank you for proving my point

Some city streets on the MU campus have been eliminated for new construction.

[warriorchick]

Living in Illinois can be affordable in the right place. Working?  More iffy.

Take Cook County with everything built out, especially on the edges. Cook County essentially has a Steve Forbes' Consumption (VAT) Tax. Property taxes are very low, especially knowing everything is built and water rights are settled. The Racetrack, Casino and the Cook side of O'Hare builds the surplus. Avoid the sales tax by shopping in the nearby county (and except cars). Property values are stable, schools great, access easy. In the Cook burbs, all the taxing authorities are running surpluses as all the infrastructure is built out.

My advice. Diversify and hide.

Yeah, about that.....     

https://www.dnainfo.com/chicago/20170613/austin/chicago-homeowners-face-10-percent-average-property-tax-hike-analysis

[rocket surgeon]

National debt adds $61,300 per citizen
Illinois debt adds $12,007 per citizen


So one time bill for a family of four to cover all debts in the city of Cary up to the national level is: ($3k+$61.3k+$12k)*4 so a total of $305,200. Just city and state(leaving county out even) would be $60,000 as a one time bill.

Oh, and totally unaccounted for is how cheap debt is right now, and this is especially critical for Illinois, the cost of servicing their massive amount of debt is going to go up over the next several years which will chew up a lot of any additional tax revenue they can generate by raising taxes....same thing at the federal level.

did you account for their rating...oh, about one click above junk, eyn'a?

[mu_hilltopper]

http://www.chicagotribune.com/news/columnists/kass/ct-dissolving-illinois-kass-met-20170620-column.html

[GooooMarquette]

http://www.chicagotribune.com/news/columnists/kass/ct-dissolving-illinois-kass-met-20170620-column.html

Kinda doubt any of those states would want to take on Illinois. 

[B. McBannerson]

Kinda doubt any of those states would want to take on Illinois.

THIS ^^^

[ChitownSpaceForRent]

i just don't understand why he thought it was appropriate to crack a joke comparing Illinois to Venezuela.

What the Venezuelan people are going through is absolutely horrendous, and it shouldn't be minimized by comparing it to a broke state.

[warriorchick]

Kinda doubt any of those states would want to take on Illinois.

If they want to annex my town into Wisconsin, I'm in!

[Pakuni]

Kinda doubt any of those states would want to take on Illinois.

The leaders of every one of those states go to bed wishing they could have access to an economic engine like Chicago.

[GooooMarquette]

The leaders of every one of those states go to bed wishing they could have access to an economic engine like Chicago.

If by great economic engine, you mean 800 hp on 5 mpg, then yes.  Lots comes in, but it gets burned into the ether....

[dgies9156]

The leaders of every one of those states go to bed wishing they could have access to an economic engine like Chicago.

What planet did you  just land from?

Yes, Chicago is someplace special. But with the fleas comes a pretty mangy dog. Chicago brings with it a horrible social services problem, massive crime problems, corruption that would make a garden variety third world nation blush, economic dislocation and a portion of the state debt that would bankrupt any nearby state.

If the Chicago region alone (including Cook, Lake, DuPage, McHenry, Kane and Will Counties) was incorporated into Wisconsin, the newly absorbed Illinois residents in the region acquired by Wisconsin alone would be significant enough to take over the State of Wisconsin. That's something Kass did not consider.

I'm sure the good cheeseheads would appreciate us doing to Wisconsin what we did to Illinois!

[Pakuni]

Some of you are remarkably shortsighted.

The Chicago region has more than twice the GDP than all of Wisconsin. In fact, it's larger than Wisconsin and Minnesota (or Indiana) combined.
It is home to 30 Fortune 500 companies (Wisconsin has eight) and two of the top 12-ranked universities in the country (UW is 44th).
It is an international transportation hub, a top 10 U.S. destination for both foreign and domestic tourists, and has a thriving and significant cultural scene. It has an educated workforce ... 34 percent of the region's adults hold at least a bachelor's degree, compared to 31 percent in Milwaukee, 30 percent in Indianapolis and 27 percent in Detroit ... and a public transportation system consistently ranked among the top 10 in the country.

Like all major cities, Chicago indeed has lots of problems (some of which are overblown ... did you know Milwaukee's violent crime rate is 67 percent higher than Chicago's?).
Most stem from mismanagement, not some inherent, incurable flaw.
And even with its problems, the city is a powerful economic engine that is the envy of its neighbors.

[mu03eng]

Some of you are remarkably shortsighted.

The Chicago region has more than twice the GDP than all of Wisconsin. In fact, it's larger than Wisconsin and Minnesota (or Indiana) combined.
It is home to 30 Fortune 500 companies (Wisconsin has eight) and two of the top 12-ranked universities in the country (UW is 44th).
It is an international transportation hub, a top 10 U.S. destination for both foreign and domestic tourists, and has a thriving and significant cultural scene. It has an educated workforce ... 34 percent of the region's adults hold at least a bachelor's degree, compared to 31 percent in Milwaukee, 30 percent in Indianapolis and 27 percent in Detroit ... and a public transportation system consistently ranked among the top 10 in the country.

And is still broke as $hit

Like all major cities, Chicago indeed has lots of problems (some of which are overblown ... did you know Milwaukee's violent crime rate is 67 percent higher than Chicago's?).

You are 100% correct, some of the issues in Chicago get overblown in the larger picture of Chicago, which I don't totally understand. The problems are bad enough, not sure why people need to make them bigger than they are.

Most stem from mismanagement, not some inherent, incurable flaw.
And even with its problems, the city is a powerful economic engine that is the envy of its neighbors.

I'd ordinarily agree with you, but the history of Chicago mismanagement stretches at least 60 years...at this point it's institutionalized. Look at the crisis the state is facing right now, the politicians and their constituents can't save themselves.

Illinois generally, and Chicago area specifically has made an art of robbing Peter to pay Paul. All a merger with Wisconsin would do is give them an Andrew to rob from instead.

[PBRme]

So if Chicago were annexed into Wisconsin where would the Bears go.  That would definitely be a deal breaker.

[jficke13]

So if Chicago were annexed into Wisconsin where would the Bears go.  That would definitely be a deal breaker.

Madiganistan. That was the best part of Kass' thought experiment.

[muwarrior69]

If they want to annex my town into Wisconsin, I'm in!

..and Chicago is not even the Capitol.

[rocket surgeon]

i just don't understand why he thought it was appropriate to crack a joke comparing Illinois to Venezuela.

What the Venezuelan people are going through is absolutely horrendous, and it shouldn't be minimized by comparing it to a broke state.

yes it is "absolutely horrendous" but first off, venezuela is an example of what does not work.  there are many here(sean penn, sammy jackson, et.al.) who think venezuela is the way to go and continue to defame our country.  that is their right, but it is also part of the joke.  if we sat here wringing our hands over all the "horrendous" situations, we could not joke about anything.  third-it was a joke=for amusement only.  ok, let's call it art and the author was merely exhibiting a creative expression, kinda like kathy griffin tries to do much too often.  in today's divisive environment, we need something to laugh at as it has been shown to be therapeutic

[dgies9156]

Some of you are remarkably shortsighted.

And a public transportation system consistently ranked among the top 10 in the country.

And even with its problems, the city is a powerful economic engine that is the envy of its neighbors.

Full disclosure -- I moved to Chicago in 1982 and have lived in or owned property in Illinois for all but one year since 1978. I moved to Illinois for most of the same reasons Pakuni described. It was a great place.

To think that Illinois' problems and the world's vision of Chicago is short-sighted is to ignore history. All of Chicago and most of Illinois north of Interstate 80 would have been Southern Wisconsin were it not have been for some legislative chicanery at the time the U.S. Congress carved up the Northwest Territory in the early 1800s.

Keep in mind that from the time of the Northwest Ordinance, Illinois has been the king of corruption. Al Capone did not take residence in Milwaukee. Hinky Dink and the crew did not serve as Aldermen in Cleveland.

Corruption is a ground-up problem in Chicago, which means the only way to solve it is the RICO statute. Mike Madigan wasn't a Minnesota product and for all I know, Illinois has sent more governors to federal penitentiaries that the rest of the Midwest combined.

And you fail to understand that if Northern Illinois was annexed per the Kass plan into Wisconsin, the population of the annexed portion of Illinois would be about 8.0 million to 9.0 million people. Do you really want Madigan and his slimy real estate cronies imposing their vision of Democracy on Wisconsin? Do you want the debt, tax-and-spend, public piggy bank mentality that comes with these people?

We're broke for a reason in Illinois and it is not because of our Fortune 500 economies and workforce. Heck, we're losing 30,000 people a year at a time when the US population is growing at 3 to 5 percent a year.

Short-sighted we are not. Jaundiced, frustrated, angry and disillusioned, I'll grant you. But short-sighted, NO!

[GooooMarquette]

Some of you are remarkably shortsighted.

Actually, we recognize that the assets come with liabilities.  Huge liabilities.

[Eldon]

Illinois could be 1st state with 'junk' credit due to budget

CHICAGO (AP) — Illinois is on track to become the first U.S. state to have its credit rating downgraded to "junk" status, which would deepen its multibillion-dollar deficit and cost taxpayers more for years to come.

S&P Global Ratings has warned the agency will likely lower Illinois' creditworthiness to below investment grade if feuding lawmakers fail to agree on a state budget for a third straight year, increasing the amount the state will have to pay to borrow money for things such as building roads or refinancing existing debt.

That should alarm everyone, not just those at the Capitol, said Brian Battle, director at Performance Trust Capital Partners, a Chicago-based investment firm.

"It isn't a political show," he said. "Everyone in Illinois has a stake in what's happening here. One day everybody will wake up and say 'What happened? Why are my taxes going up so much?'"

...

http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2017-06-24-US--Illinois%20Budget-Credit%20Rating/id-c1c94128bed245b08f82761fb8efc116

[jesmu84]

The thing about credit rating agencies is that they're a joke. Total scam. So much corruption. Granted, maybe the best we have. But still

[rocket surgeon]

The thing about credit rating agencies is that they're a joke. Total scam. So much corruption. Granted, maybe the best we have. But still

absolutely correct!  they should have had their collective arses kicked in more ways than one back in what? 2006/2007 when it was REVEALED, somewhat discreetly, how they bundled the junk and sold it as gold.  we should have seen some big shots doing the perp walk

[dgies9156]

absolutely correct!  they should have had their collective arses kicked in more ways than one back in what? 2006/2007 when it was REVEALED, somewhat discreetly, how they bundled the junk and sold it as gold.  we should have seen some big shots doing the perp walk

Do you honestly think they're wrong about Illinois?

That our state is not issuing junk credit? Or that our state's financial condition is representative of an investment grade credit?

Be honest now....

[rocket surgeon]

Do you honestly think they're wrong about Illinois?

That our state is not issuing junk credit? Or that our state's financial condition is representative of an investment grade credit?

Be honest now....

no!  i was merely agreeing with jesmu about the corruption with the credit rating agencies, citing the bundling of debt.  it's no secret illinois credit rating is chit.  it might even be worse than moody's, fitch et.al. claim it is.  wouldn't be surprised if they're getting a wink-wink for pr purposes, but one can only escape the truth for so long

[Benny B]

Sorry late to the party.

And is still broke as $hit

Illinois generally, and Chicago area specifically has made an art of robbing Peter to pay Paul. All a merger with Wisconsin would do is give them an Andrew to rob from instead.

https://youtu.be/v/9hWcv6fGe9w