Tax Pensions, that is simple. Over $5K a month you begin taking 10%. At $7K 12%, over $10K take 30%. Essentially tax the pensions so no matter what it is, $7K per month is the max. Drawn at 70 years of age of course.
“Tax Pensions, that is simple.”
No, tax GOVERNMENT PENSIONS.
No can do. Pension distributions are treated as income, and your total income is taxed accordingly. So pensions are already taxed. What needs to be done, is to reduce pensions so they are enough to sustain a person in their retirement, but not an exorbitant pension that is far more than what an ordinary person needs in order to survive. At today's cost of living, I would limit it to a maximum cap of $100,000. No one needs more than that. If they were earning a large income then one needs to put aside savings for frills in retirement.