Illinois Sen. president suggests taxing retirement
Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it. The state does not currently tax pensions or retirement funds such as 401(k) plans.
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John Cullerton: Consider taxing under-65 pensions
The top Senate Democrat Monday suggested taxing retirement income for high-earning senior citizens for the first time to help lower income taxes that were raised in January.Senate President John Cullerton (D-Chicago) said he would exclude Social Security income and avoid targeting those lower-income seniors who “don’t have much of a retirement income.”Cullerton’s trial balloon would affect …
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