There's that word again. Work your butt off for 35-40 years, build up a nice nest egg and then...BAM!
Taxing the Elderly...because it's not their money after all is it? /s
I HATE Illinois DemoRats, so glad I don't live in that cesspool any longer...
This will happen everywhere. Soon all 401K money that is taken out by retirees will be taxed. See what happens when everyone complains about unfairness of the system. This is exactly what happens. Now instead of paying for government workers who receive a pension through regular state taxes now will not only pay for them through state taxes but 401K money as well.
Unreal. Fairness is leaving already taxed money alone, and not punishing those who save.
Don’t you already paid state income taxes and federal taxes when you withdraw it?
Democrats love that power. The power to be “fair”. A benevolent lot, noses in the air extending their hand for a subject to kiss.
time for more states to adopt constitutional amendments outlawing state income taxes.
I thought they had started taxing SS payments already. I read something about it last year or the year before.
Let’s see. You work hard. You don’t buy some things because you are saving for retirement. Joe N. Titlement doesn’t save a thing.... He knows the government will take YOUR savings to pay for HIS retirement! That’s “fairness”!
I know SO MANY PEOPLE who have ABSOLUTELY NO SAVINGS for retirement.... what else could they be thinking besides, “The government will take care of me.”??????
Fairness my aunt’s fannie. illinois needs to generate income. Gee what about all the Illinois people whom own a second home in the UP of Michigan will they tax them next too, for having another home another state.
Oddly enough if you are elderly in Michigan and have a pension it will be taxed.
I should have bought the house in Alabama instead I bought a house in Michigan. Uff da!
I hate it when I’m right.
I have a grand total of $35,000 in 401Ks and IRAs. The additional $400,000 I managed to salt away is POST tax.
CD’s, precious metals and a few super safe bonds (ie DC airport bonds etc.)
Never, ever trust the ba$tard$!)
I guess "outdated" is the term liberals use for the day when fiscal responsibility was important, and before there was income redistribution.
Our Marxist governor in Hawaii proposed the same thing a couple of months ago. LOL! Those who supported him are very upset.
Question: Can a state legally tax a FEDERAL pension, i.e., military retirement pay?
So in addition to the those sky high property taxes and sales taxes, every retired person can look forward to paying more to those clowns in Springfield!
Go Cullerton! This might JUST be stupid enough to finally get rid of the Democrat majority in the legislature next election cycle...
Retired people do not have to stay in Illinois. They can take their retirement to a state that does not tax retirement income.
I know that for a fact because I live in Maryland where they do tax retirement income and have many frinds who got a pay raise by moving.
It’s a great way to run retired people out of state.
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.
They should just shoot us and take “their” money.
Watch for the states to start taxing Roth IRA withdrawls.