Posted on 03/07/2011 2:28:49 PM PST by GRRRRR
Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it. The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois' "outdated" tax system.
"It would just be a matter of fairness," said Cullerton, a Chicago Democrat.
(Excerpt) Read more at newsblogs.chicagotribune.com ...
Retirees should not have to pay any taxes. Enough is enough.
Once you start to withdraw from your IRA, its taxed. I get ticked off because at 72 (my age) the government tells you how much you have to withdraw based on your expected life span. Its really a little more than I need to live on, but cannot do anything about it except reinvest (but not in todays stock market instability) Only in CD’s or saving accounts..If one is not withdrawing from their 401K the government is stealing from your savings account...wonder how long people with stand for it...
They’ve got us over a barrel no matter what we do.
Have to rally the troops. Kick ‘em out - eventually, hopefully before we’re all broke.
The comments under the article are interesting...who knows, maybe the democrats will manage to cause enough strife to have themselves removed from power...
I do my best but I live in MA.
Sigh !
My condolences.
Reason number 87 why I’m glad my lifetime association with Illinois has been extremely brief.
Give up all of your perks you communist MF’ers!
LLS
This might be the flip side to pension reform.
That is, “Okay, you can keep your $200,000/yr pension. But we are going to slap a 70% tax on it.”
Clinton Administration
If you're talking about federal taxes, this has ALWAYS been the case. If you're talking about Illinois state taxes, I'm not knowledgeable on those.
Okay, that was on the federal level. This is state. Illinois wants to tax the money SS seniors get. This is off the top, no deductions, somewhere in the neighborhood of from 3 to 10 percent. Clinton just lowered the amount you can receive before being taxed. It’s $25,000. You’re taxed on anything over that.
Hey... don’t get me started about Senators who raided the SS funds. Most of the current and former “representatives” need to be arrested for theft!
My husband is older, so I plan on working f/t once he retires, I have pretty much worked only p/t since we’ve been married. We have some savings plus SS (of course, who knows with that), but I have 3 siblings... only one has ANY savings whatsoever. I can’t imagine what the other 2 are thinking. We certainly cannot support them!
I’m 64 and worked as the secretary in my husband’s business for over 30 years. I sure dread having to do a job where I have to stand on my feet all day; but I’ve sat at a word processor for so long that I now have a bad dowager’s hump (a birth injury started it). I don’t think I could sit hunched over the WP for all that long any more. I don’t want to be a “freeloader” as that Senator (what’s his name?) implied.
Yikes!
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