ILLINOIS BUDGET WOES

Love Your Neighbor as Yourself-Tax the Rich and Share the Wealth
 
So chanted protesters on Monday in Chicago at the Board of Trade. 
 
Chicago’s budget woes are legendary as are those of the entire state of Illinois.  Pensions are underfunded.  Services are being cut back.  All of that despite the city’s general revenues being nearly $7 billion (yes, that’s billion) and additional grants making up another $1.69 billion for total revenue in 2014 of $8.67 Billion.
 
Wow!  Eight billion just doesn’t go very far anymore does it?
 
The protesters want to add a transaction tax of between one and two dollars for EVERY transaction at the Chicago Board of Trade which they claim would add over $10 billion to the state revenue budget.
 
As I watched coverage yesterday I noticed some of the protesters were in clerical garb.  They were quoting from Matthew 19:19.  Of course the first half of the statement is from the Bible, the second half is not.
 
I find it interesting that those who claim to know the Bible are advocating what amounts to legal coveting (a violation of the 10th commandment) by virtue of cloaking that coveting in the mantle of “Loving Your Neighbor”.  In the Matthew 19 passage, Jesus was asking that someone donate their OWN money voluntarily to the poor.   He was NOT advocating stealing the money from the so-called “rich” and giving it to government; where who knows where it will really end up?
 
As jealousy and covetousness are stoked in this country by politicians whose appetite for your money never seems to have a limit, I advocate that all of you who work for a living find a good CPA and investment advisor who understands that your money is; well, YOURS! 
 
Aside from the fact that NONE of these actions will help the economy of Illinois or Chicago, I find protests like the one on Monday personally offensive.  I have clients in Chicago and Illinois.  Some of them are in the “1%”.  Let me tell you, they work hard.  They work long hours.  Nothing was given to them.  They are very generous with the money they have EARNED.  These protestors generate NOTHING of value to our economy.  They are takers, not makers.
 
Nevertheless, you productive people in the economy out there need to take note of this rising tide of hate, jealousy and covetousness.  Get prepared. 
 
The Eldridge Group has programs in place that will lower your taxes and protect your wealth.  We understand and believe fervently that the money you have earned is yours.  We will do all that we can to help you keep it.

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