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told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois' "outdated" tax system.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 ...
Its us or them.
It was tax deferred until you retire or draw on it.
The idea that they are actually going to tax it...probably at a lower rate than when it was earned and deferred...
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The Socialist Untied States politicians will NEVER run out of ways to tax.
But they will eventually run out of other people’s money.
Taxing anyone who still has money will be the game, because they are fast running up against the end game of all fiat currencies. No one left to tax.
How long will Americans continue to lie to themselves that this nation has anything to do with freedom, while the usurper sits in the White Hut.
Precious metals- a fund?
They should just shoot us and take “their” money.
Watch for the states to start taxing Roth IRA withdrawls.
The idea was that the taxes would be deferred, and then when accessed later, you would be taxes at a lower rate than you were paying when it went in.
NOW, it seems apparent that the reality will be, they will tax it at a HIGHER rate, than when it was put aside.
LIARS. Politicians are thieving liars.
Garde la Foi, mes amis! Nous nous sommes les sauveurs de la République! Maintenant et Toujours!
(Keep the Faith, my friends! We are the saviors of the Republic! Now and Forever!)
LonePalm, le Républicain du verre cassé (The Broken Glass Republican)
We’re already in retirement with a little savings. We’re thinking like this. - Husband at 67 still working a lot and hustling up extra money online sales. I’m thinking I’ll need to get a job as a greeter at Walmart or else something at the new theme park as long as I can stand on my pegs.
That Senator who said we retirees are sucking at the gubmint tit is asinine. For many, many years (before they changed the rules mid-game on us) we paid into that SS system like good little citizens. That Senator is probably pulling down the equivalent of $250,000.00 per year; meantime he’s badmouthing US and HE’S the one sucking at the tit and has done for many years. While he’s raided the SS fund in order to deliver pork as bribes to his voters for re-electing him; who also likely name buildings and bridges after him. (I’ll eat my words if I’m mistaken!)
Are there any people in IL that want to really help their state?
You’re taxed on anything over $25,000. Say you get SS and work a PT job and have a pension. The way it works is you take one-half of what you receive from SS and add in anything else. If the total comes to under $25,000 (and you’re single) you pay no tax. Anything over that you’re taxed. But a lot of that goes to the side when you add in your standard deductions.
Will the last person leaving Illinois please turn out the lights? Thanks much.
YOU DAMN BETCHA! Unless you roll over. You have to take distributions at age 70.5 AND count that amount in your taxes.
I don’t know the particulars of how Illinois was thinking of taxing SS payments. If it’s the same as the fed’s you wouldn’t be paying any tax if it’s under $25,000. The way I remember reading about it was if you received say $1800 a month from SS the state would tax it 3% - 10% off the top.
Check financial reform and Obamacare. Both have plans to tax you for taking money out of your 401K on top of taxing it as income. Illinois is just behind on the scheme since their best and brightest were working on the theft from DC. Rahm will soon fix that.
Illinois will simply lose these people as residents.
They can relocate to tax-free states.
The more you tighten your grip, Vader, the more taxpayers will slip through your fingers.
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