It’s probably not a big surprise that most readers of newspapers–the paper ones–tend to be older than the average citizen.
So, it was a surprise when the Daily Herald featured an article today about why taxing retirement income is a good idea.
Although the Democrats’ 32% personal income tax is now law, the Daily Herald brings up the topic of taxing retirement income.
Jake Griffin’s article says Illinois loses “$2.7 billion a year” by exempting Social Security, pension payments, 401(k) and IRA withdrawals.
On the way to the Daily Herald article, this ad for the McHenry County Fair popped up.
He points out even those under 65 get that benefit.
“$54.7 billion in exempt income,” the article says is the Illinois Revenue’s estimate.
Tax retirement income and there would be
- 8% more money for Springfield to spend or
- younger folks could get a tax cut.
Although strangely not mentioned in the article, commenter Thornton Makin, Jr., points out,
“Retirees are free of the chain of a job. The only thing keeping many pensioners in IL is the income tax exemption offsetting the over-the-top property taxes, sales taxes, road tolls, village gas taxes, utility tax add-ons, etc.”
The only sitting legislator mentioned in the article was State Rep. David Harris of Arlington Heights. He was one of the Republicans who voted to override Governor Bruce Rauner’s veto of the Democrats’ 32% income tax hike.
What do you expect from a communist rag? What a disgusting pack of lies. Retirees are NOT free, you morons! If I get taxed anymore, I will not be able to eat. They have stolen so much from me that I have nothing left for them to take. THAT is what keeps me in Illinois! This is our last stand.
Next year I will be taking my million dollars in deferred comp, social security and two pensions to Florida where a state income tax is against the state constitution.
A positive article about taxing retirement income demonstrates the continuing garbage published by the Daily Herald.
A prime example why they will soon fade into oblivion.
Would guess that seniors in Illinois, especially those in highly taxed Counties such as McHenry, will move to Fl or other States if the Illinois Legislature decides to impose an income tax on their SS, pensions and IRA withdrawals.
As I’ve commented on previous occasions … get ready retirees, not a matter of if but when.
The DEMOCRAT beast is insatiable and must be fed, damn the consequences.
How about taxing nonsense comments in our sunshine blog? It would solve our insolvency problem until the year 2348 at least. Perhaps some additional prodigious research is in order. 2018, why is it taking so long? Tic, tock, tic, tock…
Please lend a moving truck to this guy so he finally fulfills his promise of leaving our land of Lincoln forever. I will volunteer to fill up that truck…tic, tock, tic, tock…
Great idea, Angel. Your tax burden would be so steep you would disappear overnight from here.
Trump cracks down on ILLEGAL ALIENS – MAGA !!!
http://thehill.com/homenews/administration/344924-trump-gop-senators-unveil-measure-to-cut-legal-immigration
I know that my parents and in-laws would take a good hard look at leaving if these laws change. My parents had looked at moving to WI or IA, but saw that they taxed retirement income. So this is an important issue to them, and so I imagine it would be to other retirees.
One of the reasons we move back to IL 4 years ago (yes, I escaped and came back, don’t know if that says anything good about me) was the fact we had family and wanted the kids to know and spend time with their grandparents. If they end up moving, there is a good chance we would too. I suspect there could be many moves triggered similarly
The idiocy of the modern liberal is they really have zero education, reading comprehension or actual knowledge.
There’s 15000 years of written human history available for study.
They know none of it.
In more recent years in the United States the State of Maryland(yes, liberals… That is a “state” which is 1 of 50, not 57, which comprise the United States) decided to tax “millionaires”. Within one year there was only one identifiable “millionaire” who remained a resident of Maryland.
People with disposable income will protect their money.
Even the communist liberals act like locusts by destroying areas and then moving on to conservative areas with favorable monetary policies and great quality of living to destroy those areas.
Why is everything such a mystery to a liberal?
We actually understand those who aren’t taxpayers voting and acting in their own interests(all public union employees).
How can anyone who actually produces for the economy espouse any liberal policies?
Wild eyed ignorance or straight lack of intelligence.
Madigan cares nothing as he has already become a multimillionaire while in office and he will likely move to his coffin in Transylvania when he retires.
Madigan isn’t parochial on policy, he’s just great at serving his interests.
Madigan, and his minions, are served by destroying the producing middle class and moving all retirees who aren’t public union beneficiaries out of state so the few conservatives left will be gone.
That’s smart for Madiganites, including all Illinois Republican politicians, but shows a spectacular lack of knowledge of any history, economics, sociology or anthropology.
Then again, why let any science, tradition or history get in the way of enriching yourself.
The gravy train is infinitely giving, right?(Infinitely means “never ending” for those liberals reading this comment. )
To answer this question for the liberals reading… No. No the producers are not infinitely capable of giving more…
Once again… For the liberals who are capable of reading…. The answer is “no, you cannot infinitely tax producers”…
No mystery, Priest.
Liberalism, or at least todays version of such, is a mental disorder.
To cite all the anti-social and self destructive beliefs they espouse and embrace
would take up to much space here. Suffice it to say that therein lies the proof.
Good one, Priest. I especially like your Transylvania remark.
Savage indifference/predatory cruelty of teachers and government employees has taken a toll on the psyche of medical professionals, who are a likely demographic to pay high state income taxes and property taxes.
Great post by Priest!
The line: “Then again, why let any science, tradition or history get in the way of enriching yourself” can be applied to the “round mound” and any Republican who ever (or still does) supported him.
Want to negatively impact the “round mound”?
Check to see if you use one of his banks – if you do, consider changing banks.
Was the “round mound” pushed into running for Chairman to expedite the removal of more conservatives from McHenry County?
Remember, the County has had a balanced budget and excellent credit rating for years while the “round mound”, who claims he never voted to raise taxes, spent years voting for legislation which has greatly expanded the financial coffers of unions while driving state government toward financial Armageddon.
This explains Angels Support of taxing you privately employeed pleebs. She is counting on the last 3 years of double digit increase so she can retire with $100k plus in pension for being an ESL teacher working 9 months a year.
Mr. Llavona earned $132,720 in 2016 in his 22nd year as an Illinois English as a Second Language (ESL) teacher so his beginning pension after 35 years of service will be $99,540 if he never received another pay hike.
The state income tax hike is in large part to fund state pensions including the TRS (teacher and administrator) pension which as of June 30, 2016 was 39.8% funded.
Another prodigious researcher wannabe…tic, tock, tic, tock…