Illinois Government Continues to Misrepresent Income Tax Hike

Unless you have participated in the 401(k)-like deferred compensation program run by the Department of Central Management Services, you won’t have seen the following:

CMS fail. Those running the State of Illinois Deferred Compensation program know that the state income tax increased by the same two percentage points that the Social Security tax was cut.

Let’s see.

Social Security tax down by two percentage points for a year.

Illinois income tax rate up by two percentage points for longer.

But the Bureau of Benefits at the Illinois Department of Central Management Services, which I used to manage, thinks that means more money in the pockets of those investing in its program.

Not for those not in the Social Security system.

And, not for those in the Social Security system.

Even assuming that the Baltimore administrator (T. Rowe Price) of the 457 Deferred Comp program used language written for another client, wouldn’t you think someone in Illinois would have caught and edited out the nonsense?


Comments

Illinois Government Continues to Misrepresent Income Tax Hike — 1 Comment

  1. That’ an interesting thought.

    The thought being, did the flyer or language come from T. Rowe Price?

    Who at T. Rowe Price is chummy chummy with who at Cental Management Services?

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