Interested in proven ways for the Democrat’s ‘Brain Freeze’ to fix the Illinois 250-billion-dollar pension problem instead of raising taxes in Illinois?
The Chicago Tribune article titled: Speaker eyes graduated income tax do over tie to pensions, reported the following statement:
“We have to tell the voters what we’re going to do with that money.”
The Purpose of This Post
Is to relate an ancient proverb to the defrost the present ‘brain freeze’ tactic of Illinois legislators to fix everything by raising taxes/
King Solomon – Excerpts
1-39 – “The more land a man owned, the more crops he could grow, and thus the more he would have to turn over to the king’s officers when collection time came around every 12 months. Likewise, flocks were surrendered to tax collectors and sons were forced to serve one month of every three in the king’s labor force.”
I-50 – “For the first time in Israel’s history, there began to be a distinct difference between ‘rich’ and ‘poor.’”
“Mismanagement of the nation’s wealth left united Israel tottering.”
What’s My Point?
Illinois legislators and King Solomon shared the same problem of mismanagement of taxes which led to the demise of Israel and the current staggering 146 Billion State Dept of Illinois mainly the result of the pension fund problem for State Workers.
What to do now that the cost of Illinois borrowing and paying interest now is 26 percent of every tax dollar collected and rising.
In other words, my point is Illinois is repeating the same folly of King Solomon who was once was considered the wisest man in the world.
In My Opinion
Raising taxes on the rich in Illinois is only going to hastened them to change residency same as Trump did to Florida to reduce their personal taxes.
The rich and poor condition in Illinois is occurring between residents who work in private industries vs public employees.
Private industries changed pension obligations to 401K plans because over time people are living longer, why not Illinois do the same is the first options.
Since Illinois has been a blue Democrat State, the legislators need to beg and remind the free spending Democrats Washington now in power to help bail out Illinois because the State has always contributed more tax revenues than it receives back in comparison to other States.
Now that our present Senator Dick Durbin is the second most senior Democrat in the Senate, this needs to be his first priority, in my opinion.
As for the new House Speaker of Illinois suggestion, in my opinion, he needs to understand the main reason the last tax revenue did not pass is because voters no longer trust Illinois legislators because of their mismanagement of tax revenues, same as King Solomon managed to bankrupt his Nation 3000 years ago.
In other words, Illinois is once again repeating the same mistakes as previous generations as predicted in the following King Solomon verse written in his old age when he finally realized his ‘Brain Freeze.’
No one remembers the former generations,
and even those yet to come
will not be remembered
by those who follow them. (Ecclesiastes 1:11)
Same as most people do in the later stages of life, when it is too late but to reminisce, you’re whether the choices we made in our lives were wise or foolish.
Read the Source Links below..
When will Illinois tax increase brains defrost and comprehend that Illinois voters no logger trusts their management skills of their tax policies now that the State is in steeped in debt?
When will the USA wise up and start teaching their children the ancient wisdom to prevent them from repeating the same folly as previous generations, especially when they grow up and some become legislators?
Regards and goodwill blogging.
Illinois Policy 2020
Where Do Illinois State Taxes Go
Excerpts – Solomon: Man of Wisdom, Man of Foolishness