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Chicago – Val Zimnicki, the Director of Outreach for Taxpayers United of America’s (TUA), today spoke before the Cook County Board. In his speech, he urged the board to reform the Cook County pension system.
“Cook County finds itself in the same dire condition as the state’s government-employee pensions funds,” he said. “The cause is the same: a lavish, gold-plated pension plan that allows county bureaucrats to retire early and collect huge pensions for decades for doing nothing. It is mathematically impossible for Cook County to tax its way out of this problem.”
According to publicly available sources, it is stated that the Cook county pension fund was only 60% funded, creating a $6 Billion unfunded liability. However, it was recently revealed through FOIA requests that the fund was just 36% funded and the unfunded liability was really $15.3 billion as of December 31, 2015.
“Until the Illinois Constitution is amended to allow pension benefits to be reduced, there can be no short-term solution to the bankrupt county pension system. There is a solution, but it is more of a long-term solution, so the sooner this reform is started, the more notable will be the results. Eventually, as the current county retirees pass from the scene, the county pension plan will recover.”
In his speech, the Director of Outreach offered solutions the board to help prevent a looming pension crisis.
“All new county hires must be put into their own retirement plans, such as 401(k)s. They must plan for their retirements outside of the county pension plan. A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts. Elective salary deferrals are excluded from the employee’s taxable income. Furthermore, employers such as you can contribute to employees’ accounts.”
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Chicago – Tax Accountability (TA) has announced its endorsement of Representative Jeanne Ives for the March 20, 2018 GOP primary election.
“I am proud to announce the endorsement of such a qualified candidate in this critical race,” said Jim Tobin, Chairman of TA.
Representative Ives (R-42) has an impeccable tax voting record. During her tenure in the Illinois House, she as always ranked as a taxpayer friend in Taxpayers United of America’s tax survey. Astoundingly, she is also the first to receive a perfect 100% in the past 34 years .
Click to View Tax Survey of the 99th Illinois General Assembly.
Click to View Tax Survey of the 98th Illinois General Assembly
If that were not enough, Representative Ives has expressed a commitment to oppose the income tax increase amendment, which is a graduated income tax increase for Illinois. She has also pledged to support economic freedom by working to decrease the overall tax burden of Illinois taxpayers. Her commitment to these positions is the same as the mission of Tax Accountability: restoring economic freedom to Illinois.
“2018 will be a pivotal year for Illinois. Taxpayers are fed up with the corruption, cronyism, and abuse they have suffered at the hands of a long list of career politicians who see Illinois taxpayers as the source of their own personal wealth. The time is right. She has what it takes to win and to lead Illinois back to a vibrant, prosperous, and free economy.”
Taxpayers United of America recently named Representative Terri Bryant (R-115) of Mt. Vernon a Taxpayer Traitor. Representative Bryant betrayed her constituents when she sided with Michael Madigan to pass the largest income tax hike in Illinois history to fund lavish, gold-plated pensions.
Printable version of the flyer: Here
