Illinois has the highest property tax in the nation, with an average of 2.67%, and as high as 5% in some areas, yet the Federal Reserve Bank of Chicago proposed an additional 1% rate hike to cover the state’s underfunded pension problem. Any improvements to one’s property would increase the tax rate, a policy well designed to cause homes to fall into disrepair. The new tax would push down the price of homes, thus punishing current homeowners. Even so, the revenue would help only five state pensions, while 650 county and city pension funds remain to be ‘fixed’. [God help property owners in Illinois.] -GEG
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.
In south Cook County they already average over 5%. Most of those communities are working class, often African-American. The Fed says maybe you could make the tax progressive by exempting lower values, but that’s very difficult to do and, if you did somehow exempt the poor and working class, the bill pushed to the others would be astronomical.
Those rates have already plunged many communities into death spirals, demanding an immediate solution, but the Chicago Fed apparently wants to pour on more of the accelerant.
Last month, an attack turned fatal as Walter Luebcke, 65, a member of Chancellor Angela Merkel’s left-wing Christian Democrats, was shot in the head and killed at his home. He had reportedly received death threats due to his pro-migrant sentiments.
El Chapo was found guilty of trafficking tons of cocaine, heroin, marijuana and synthetic fentanyl into the US for nearly three decades as the leader of the Sinaloa Cartel. The three-month trial detailed grisly killings, a bizarre escape and drugs hidden in jalapeno cans.
Activists, led by the Jewish organization ‘Never Again Action Group’ and Movimiento Cosecha, shut down the entrances to ICE headquarters demanding the closure of detention facilities, Activists, led by the Jewish organization ‘Never Again Action Group’ and Movimiento Cosecha, shut down the entrances to ICE headquarters to protest the treatment of migrants and to demand the closure of detention facilities, the immediate legalization for all illegal aliens, and an end to deportations.
Congressman wants to know if the US military ever experimented with using ticks and other insects as carriers of biological weapons, such as Lyme disease. Lyme disease and other tick-borne diseases are spreading rapidly in the US with 300,000 new cases each year.
Judicial Watch is working to clean up dirty voter rolls to reduce voter fraud in the 2020 election. Los Angeles County, with more than 10 million residents, has more voter registrations than it has citizens old enough to register.
CNN has been praising Antifa for several years and even made a documentary that promotes the organization. Gabriel Nadales joined Antifa ten years ago when he was 16. He says it has become increasingly more violent and that college professors are teaching Antifa’s philosophy in the classroom.
President Trump introduced the Safe Third-Country rule that requires migrants traveling to the US through another country to apply for asylum in that country first before being eligible for asylum in the US. Mexico and Guatemala are pushing back against this rule.
Peter Thiel suggested that the Google has been working and sharing its artificial intelligence (AI) information with the Chinese military instead of US armed forces — and that top management has become a hotbed for Chinese spies.
Lobbying groups that support doubling of work visas to allow migrants to take American jobs in order to supply cheap labor include the US Chamber of Commerce, the Koch-funded Americans for Prosperity, Microsoft, Facebook, IBM Corporation and Hewlett Packard.
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Ten Days at Jekyll Island, a novel by Patrea Patrick, tells the true story of a secret meeting held in November of 1910 on a privately owned resort island, the outcome of which drastically changed the world. It was at this meeting that a banking cartel was forged; a cartel that, three years later, would be issued a government charter to do business as The United States Federal Reserve System. You will discover why secrecy was essential. Based on historical documentation from The Creature from Jekyll Island by G. Edward Griffin. (More)
Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)
Judge Gloria Navarro declared a mistrial (instead of dismissing charges) in the Bundy Ranch case saying US prosecutors willfully withheld critical evidence from the defense. Prosecutors maintained the FBI was not involved in the standoff and that no video surveillance or sniper teams were used. They charged defendants with making false claims about snipers and videos in order to incite militia groups to their defense. All of Bundy’s claims were true, and the government was lying. Judge Navarro will decide if all charges will be dismissed at a hearing on Jan. 8.
American taxpayers have been robbed of at least $21-trillion by the DOD and HUD, based on a study of the agencies from 1998 to 2015 made by a professor of economics at Michigan State University. Meanwhile, the government has failed to fund $5-trillion in pension obligations despite many opportunities to do so, concluding it is intentional and that it will cause a “crisis” that will increase taxes, including property tax.
A NJ housing developer issued a notice to its renters advising them that “No one will be permitted to store, or carry a gun or rifle, or any other type of firearm of any kind in the building, or on the grounds.” If a firearm is discovered, they say they will evict. [Before you say that the owner can set whatever rules he wishes on his own property, would you approve if the owner ordered you to speak only a certain language or to refrain from reading certain religious books while on his property?]