View Full Version : Economics Illinois Democratic Leader Floats Tax on Some 401K Retirement Savings

The Mad Crapper
03-08-2011, 09:12 AM
First a little tax, then a bigger one, then total confiscation... That's how the progs operate:

Illinois Democratic Leader Floats Tax on Some 401K Retirement Savings

Updated: Tuesday, 08 Mar 2011, 7:23 AM CST
Published : Monday, 07 Mar 2011, 5:37 PM CST

Associated Press and FOX Chicago News

Springfield, Ill. - The president of the state Senate says Illinois should consider taxing the retirement income of some senior citizens.

Chicago Democrat John Cullerton said Monday that Illinois needs to overhaul its "outdated" tax system. As part of that process, the state could tax pensions or 401(k) plans for wealthier retirees.

He told the City Club of Chicago this could bring in roughly $1.6 billion a year, which could then be used to lower other taxes. A spokeswoman says Cullerton would pursue the idea only if it was revenue neutral and had Republican support.

Democratic Gov. Pat Quinn said he hadn't seen Cullerton's proposal but would be willing to consider tax "fairness."

I think it's important that we always be open to reviewing the tax code. I proposed in my budget address that we have a commission in Illinois that promotes fairness and economic growth, Quinn said.

Republican lawmakers prefer cutting the budget before raising taxes and are proposing a package of welfare reforms.

Their proposals would force welfare recipients to get drug tests, send debt collectors after people who get benefits improperly and kick the children of illegal immigrants off of Medicaid.


03-08-2011, 09:15 AM
State pensions(state employees) in Illinois are not income taxed taxed. Private pensions are.

Illinois is a total mess.

03-08-2011, 09:20 AM
Well we knew this was coming :shrug: But it won't fly:shake: