Posted on 01/28/2018 5:57:39 AM PST by 11th_VA
RALEIGH Retired state workers will have an extra $5.7 million at their disposal this month because of the new federal tax plan, State Treasurer Dale Folwell announced Wednesday.
The changes to federal taxes, passed in December by Republicans in Congress and supported by Republican President Donald Trump, will raise taxes on some people and lower taxes for others. The biggest benefits will go to large businesses and individuals at the very top of the income ladder, but they’re not the only ones who will have more money at their disposal.
Retirement benefits are taxed, and the new federal tax plan lowers the amount of federal taxes on benefit payments to North Carolina retirees, Folwell said. The $5.7 million Folwell announced equates to about a 1 percent savings, since the state pays out about $500 million.
Since there are about 312,000 people getting retirement benefits from the state, the average person will save about $18 a month, which could amount to about $220 a year.
(Excerpt) Read more at newsobserver.com ...
This is the kind of stuff people notice - and this can help keep NC Red !!!
The changes to federal taxes, passed in December by Republicans in Congress and supported by Republican President Donald Trump, will raise taxes on some people and lower taxes for others. The biggest benefits will go to large businesses and individuals at the very top of the income ladder, but they’re not the only ones who will have more money at their disposal.
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I take it this newspaper is run by biased Democrats and they hated to run this article.
Notice how the liberal N&O can’t help but throw out about helping Large Business and Rich Individuals first. Liberals don’t want anybody helped but themselves.
No fair....What about meeeeeeeeeeeeeeee????
Yes, it is begrudging. At least they actually reported it!
Stopped reading right there.
“GOP tax plan will save...”
Shouldn’t this be called the “Trump tax plan”? That’s the term libs use when telling their scary bedtime stories to the chattering class.
Folks living in Mississippi with retirements will also benefit, but only from Fed taxes because the State doesn’t tax retirements or social security...we stand to see between $800 and $1000 extra. Tell Nancy we’ll take them crumbs too....
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