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- Introduced by Sen. Michael Switalski (D) on November 4, 2010, to extend to the pensions of non-government workers the same 100 percent state income tax exemption granted to the pensions of retired government employees. Note: Although "defined benefit" government pensions are fully exempt from the 4.35 percent state income tax, those of retirees who worked in the private sector are only partially exempt, and "defined contribution" or 401K-type retirement benefits are not exempt at all.
- Referred to the Senate Finance Committee on November 4, 2010.
Comments
1) Re: 2010 Senate Bill 1569 (Extend government pension tax exemption to private sector pensions ) by mrmarketcap on December 13, 2010Public employee pensions along with their post-retirement medical benefits and paid time off are the elephant's in the room. You bring all of this back in line witht he private sector (including layoffs like the what's going on in the private sector) and you can stop talking about raising taxes to anybody, regardless of income level.
This needs to be addressed now but who will do it? The only people that can stop it are the ones that benefit for it. (Runaway train.)
I didn't vote for it and I can't stop i. Everybody so far elected hasn't stopped it either. They just keep taxing and taxing me.
Instead of exempting non-government pensions for state income tax, why not remove the exemption from government pensions?? So let me get this right, we pay them at least 50% more than private sector jobs, and they don't have to pay state income tax. What a rosy deal!
Introduced in the Senate on November 4, 2010
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