Retirement Income Tax Pops Up Again

Crain’s Chicago Business is reporting that an ally of Governor Bruce Rauner is shopping around a tax hike plan that calls for “calls for an increase in the state income tax, extension of the sales tax to cover more services and a tax on some form of retirement income.” [Emphasis added.]

United Van Lines pulled out from a Crystal Lake home today for an out-of-state move.

United Van Lines pulled out from a Crystal Lake home today for an out-of-state move.

Expect the exodus from Illinois of those living off retirement income to increase.


Retirement Income Tax Pops Up Again — 8 Comments

  1. Luxurious pensions should most definitely be taxed.

    They should not tax X amount and the remaining Y should be taxed at Z rate.

    As high as our pensions are in Illinois hat would probably fix the states bankroll taking us back to the black!

  2. Incredible!

    There are actually people left in this area who want taxes to increase!

    There is a word in the dictionary to describe them.

  3. Amen Concerned.

    We must have more to support our extravagant spending of other people’s money.

  4. It is impossible to tax your way out of debt, that is a proven fact.

    But that won’t stop the state from trying.

    Many retirees have already abandoned the state and more are planning on doing so, taking their accumulated and collective wealth with them.

    Who will make up for this loss of tax revenue, And how will this feat be accomplished ?

    This lordship / servant relationship the state has with it’s citizens will inevitably result in a total fiscal collapse.

    Not a question of if, but when.

    I hope to be long gone before that scenario comes to pass.

    Best wishes and good luck to those of you stay.

  5. Repeal in its entirety the pension sentence that was added to the Illinois State Constitution on December 15, 1970.

    Then legislatively scale back benefit hikes to pensions and retiree healthcare that took place since that date; which ocurred while pensions were already underfunded.

    Which also occurred while salary hikes and current benefit hikes took place.

    Underfunding pensions and retiree healthcare freed up cash for larger salary and current benefit hikes.

    Then blame was placed on the employer (or state acting on behalf of the employer such as was the case with TRS teacher and administrator pensions outside Chicago Public Schools).

    The cartel of public sector lobbyists, public sector union power brokers, public sector management power brokers, and political power brokers at the local, county, and state levels conspired to pull off this 45 year scheme.

    Many people have known for decades what was happening and that it is unsustainable.

    It was and is a money grab.

    Hide and seek, kick the can, catch me if you can.

  6. There will be no solution to the Illinois debt problem until the banks stop buying Illinois bonds.

    As long as the state can borrow, it will overspend.

    And the constitution will not be amended, because the political establishment won’t permit it.

    As soon as my 401(k) is taxed, I will establish my residence at my place in Panama City Beach.

  7. Amazing to read the comments and not see a single negative comment about our Governors plan to RAISE TAXES.

    If it was a Democrat saying or planning this it would be non stop Dem bashing.

    Please remove your blinders

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