The Chicago Sun-Times has an editorial on the pension reform plan enacted yesterday that is practically content-free except for one minor detail. They are implicitly acknowledging the state’s inability to increase revenues by raising tax rates and are instead suggesting something different:
The Legislature also has to get cracking on passing legislation to cut pension costs for the Chicago Public Schools and city police and firefighters. Those pension systems are in even worse shape than the state’s. Lawmakers also have much work ahead to make Illinois more business-friendly and competitive, starting with an overhaul of the tax structure. The aim should be to broaden the tax base, reflecting the realities of an increasingly service-sector economy, rather than raise tax rates.
Perhaps I’m misinterpreting that statement but I read it as urging the legislature to start treating the fees of physicians, lawyers, architects, computer programmers, and so on as sales subject to the retail sales tax rather than exempt as they are now. The only way that has a chance in hell of passage is by exempting lawyers.
If you keep on taxing, the levee’s gonna break, if you keep on taxing, the levee’s going to break …when the levee breaks have no place to stay………..If you’re goin’ down South, they got no work to do, if you don’t know about Chicago.
http://www.youtube.com/watch?v=WbrjRKB586s
Ah-ha-ah-ha-ah-hah-ah-hah-ha…….
BTW – Zep fans, the hollow sounding opening drums are because Jimmy Page had Bonzo set up the kit in the multi-story rotundra of the home they had rented to record.
Inquiring minds want to know…….
And since I know you are all clamoring for more…..here’s Michelle Obama who looks like she’s actually into it………and Barack who is clearly faking.
http://www.youtube.com/watch?v=mf2O3OAQjng
PS – Robert Plant originally thought the song was a syrupy, no count flop that should be discarded.