Cook County governments owe $139 billion—up 30% in six years See we excel at this ! latest Debt Disclosure Report issued by Cook County Treasurer Maria Pappas, with the combined figure that taxpayers are on the hook for rising 30 percent just since 2011. There are some signs that the rate of increase in combined debt has slowed a bit as the city, county and Chicago Public Schools—the biggest governments covered in the report—begin to put more aside for their pension costs. But most of those governments are years away from actually reducing their unfunded liability. In other words, they're still catching up as both annual contributions and total unfunded liability rise. Pappas says that's bad news. "If you're going to purchase a piece of property, it would be a really good idea if you look at the (debt) numbers in your area to see what you're inheriting," she told me. "Since I started doing this, the numbers have only kept rising . . . We can't continue to go up this much. At some point, the dam breaks." The Pappas report compiles in one spot figures that municipalities, school boards, park districts and every other unit of local government in the county files with her office as per a county ordinance. It is based on self-reporting, so some errors are possible, and some reporting definitions have been tweaked through the years. Basically, however, the layout is fairly simple. One column lists total debt, then the next, the share of that debt that is in net pension liabilities—money that is owed annuitants, but has not been set aside. Another column adds in what is owed in health care benefits, as well as the annual budgets and recent changes in average salaries and health care benefits for the governments involved. Most of the data is from 2016. One thing the report doesn't include is sinking funds and other escrow accounts that governments have set aside to repay non-pension debt. But that's a minority share, with unfunded pension liabilities comprising $69 billion of the $139 billion in total debt, and another $7 billion in projected retiree health-care benefits. Total debt in last year's report was $131.5 billion, so it's up about $8 billion in one year. Perhaps not surprisingly, the biggest unfunded pension debts are owed in older and larger cities, not only Chicago but communities including Elgin, Evanston, Oak Park and Cicero, where roughly half of gross debt or more is in the form of unfunded pension liability. One other column focuses on the share of pension debt that is funded with existing assets. Pappas' office color-coded that column, with green signaling a government that has at least 80 percent of the assets on hand needed to meet projected liabilities, yellow 50 percent to 80 percent, and red below 50 percent. Take a look and see how your town rates. Cook County governments owe $139 billion "Didn't post the actual tables. Here's the link: http://www.chicagobusiness.com/arti...ngnews&utm_campaign=ccb-breakingnews-20171106
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My main objection to this bill is that dis-proven, outmoded, supply-side "zombie Economics" underlie the philosophy behind it. I was heartened to see that Ryan was calling for an additional bracket, that is at least moving in the correct direction. But unfortunately that's still not nearly enough. We need to add several more brackets rather than eliminating any! The top bracket should approach ~60% and kick in at some multiple of millions in AGI. The lowest couple brackets should be reduced a bit, and non-earned income should be be treated exactly like earned. If economic stimulus is wanted, then do it on the demand side. Up the minimum wage to something meaningful and focus tax rate reductions on the lower brackets. Don't reduce them at all in the higher brackets, but raise them. Then you'll see the economy take off. Combine demand side stimulus with some fiscal restraint. We will still have a deficit, but a contained one. Somewhat slower credit growth, and manageable inflation. The tax bill proposed will accelerate wealth disparity, that is what supply-side economics does! The U.S. has by far the greatest wealth disparity among all industrialized nations,. This is socially destabilizing and dangerous. German nationalism grew out of desperation. You are seeing this repeated in a nascent stage in the United States. Supply-side economics creates desperate people. If the Bill as originally proposed were to pass, it would result in huge deficits, tremendously accelerating wealth disparity, a large expansion in credit, and an overheated economy. But inflation would be balanced by desperation within the labor class on the one hand and credit expansion on the other. A much better approach, one that is balanced overall, would be to put the stimulus measures on the demand side and hold inflation in-check by reduced deficits and demand for credit. All of it paid for by reducing the growth rate of wealth disparity. The economy would grow but at a more measured pace.
Seems to me to be futher stimulus. Who can control how a corporation decides to seek the best return on a dollar? I am inclined to believe a public company would use a dollar to manage debt and their public float.
The tax code both before and after this tax "reform" is all about incentivizing how a corporation seeks the best return on it's dollar. I wrote pretty extensively and specifically on this very subject earlier in the thread as someone who runs one of those companies, if you're looking for examples. Even your own last sentence betrays that, since the current bill seeks to disincentivize debt by limiting how much is deductable.
Well if you read again the detailed analysis from someone who runs one of those businesses, it actually isn't. Go ahead, read the thread, and let me know where I'm going wrong?
Yeah, but just open your eyes man and follow the money for the last 8 years...and drop the captain of the high school debating team persona. I'm a simple man Mr. Mitty.
Florida’s local tax burden is the 2nd highest % in the nation. Florida classifies about 40% of its state and local own-source revenue as non-tax revenue (7th largest % in the nation). It relies more heavily on transaction taxes than most states and they account for over 80% of all of Florida’s state tax collections (40% higher than the national average). Florida has the highest state and local selective sales (excise) taxes on utilities in the nation and is about 15th in taxation of motor fuels and alcoholic beverages. Businesses pay more than half of all state and local taxes in Florida, 13th highest % in the nation. So yes, the state tax burden is low compared to other states but it's no free ride as your reply suggests.