The city of Chicago is broke. Too bad
its employees do not see that.
It was in 2014 that Mayor Rahm Emmanuel
(President Obama’s friend – both have had their part in ruining Chicago) was
able to push through legislation to alleviate city worker and laborer pension
funding woes through the General Assembly. However, the laws have only been in
effect two years now and it looks like they are going to be recalled after the
Illinois Supreme Court ruled that they were unconstitutional, as reported by chicagotribune.com.
Incredibly enough, Emmanuel seemed to
actually do something right here.
This ruling deals a blow to Mayor Rahm
Emmanuel by voiding out legislation which was passed with the objective to
shore up two city pension funds by cutting benefits and instructing workers to pay higher
installments towards retirement, as these laws are apparently
unconstitutional according to the Illinois Supreme Court. Tax lawyers are
reading every line of this story.
Does the Illinois Supreme Court know
that the city is trying to save money here? Looks like Emmanuel needs to change
some laws first before he tackles this beast.
Very rarely does someone else handle
your tax or retirement issues. You need to handle this by yourself. It is your
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Law ruled unconstitutional as it
breaches a promise made to workers when they joined the retirement system
The law which was passed in 2014 with
the endorsement Mayor Rahm Emmanuel was challenged by groups of current Chicago
workers, and retired workers who all sued to fend off the law. They want their
free handouts – they worked hard as a civil servant – they really believe they
actually deserve it. They do not care about Chicago’s financial status.
The lawsuit fighting the legislation was
premised around the writings in the 1970 Illinois Constitution where it is
quoted that the pension benefits, once granted shall not be amended, lessened,
or diminished in any manner or form even if the city is bankrupt and not even
fix its own roads. The High Court agreed with this argument made by the
plaintiffs and ruled the legislation unconstitutional.
A spokesperson for the court stated that
the laws were deemed unconstitutional simply because they aimed to diminish the
value of retirement benefits because so many Americans do not save money
throughout their lives they do not have enough to retire on. In addition, these
benefits were promised to these workers by the city when they joined the
pension system. Looks like the city needs to lower salaries and retirement
benefits. The city should file for bankruptcy and perhaps cut pensions entirely
until these recipients understand that things must change.
The ruling also attracts attention to
Chicago’s undeniably dodgy financial climate at the current time. High taxes
and job killing regulations have devastated Chicago.
As per the 2014 law, the city was
supposed to fund the two pension funds with hundreds of thousands of dollars
more every year. However, it was very unclear as to how the mayor would
actually manage to raise this kind of money in order to add to these funds. At
one point they were even deliberating increasing 911 call rates in order to
generate revenue to pour into these retirement funds. What?! What is going in
Chicago? As if Chicago did not have enough murders already – are there not
enough 911 calls already?
Why do you need a tax attorney
Doing
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indeed. The bottom line is that taxes and the way they work can be very
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As you are probably aware, tax scams
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victim of tax fraud and need help in terms of what legal options you have to
resolve the issue, you will be best served by nobody but a tax lawyer. There
are some terrible people out there and they should be punished.
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