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Senate President Considers Taxing Retirement Income
(IRN)-The president of the Illinois Senate is talking about taxing retirement income.

There's no proposal out there, but Senate President John Cullerton (D-Chicago) says it's an idea he'd consider, if it's bipartisan. "If the Republicans want to talk about tax reform which would be revenue-neutral, I'm all in," Cullerton said. "In other words if we want to talk about perhaps taxing some, retirement income, maybe tax retirement income up to age 65, if we want to expand the tax base on the sales taxes, we can do that, and then lower overall rates."

How much money is out there? Taxing all retirement income would produce $1.9 billion; exempting Social Security would bring it down to $1.5 billion, according to the Commission on Government Forecasting and Accountability.

State Senator Kirk Dillard (R-Hinsdale) says this is worth considering as long as it's dollar neutral, because the current tax system is based on a 1950s economy. He says an update, while not endorsing any specific proposal, would be good for economic development.

Governor Pat Quinn also said there’'s a need for tax restructuring to achieve fairness.

(Source: Illinois Radio Network)
03 08 11 by Newsroom
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