640px-New_Jersey_State_House

Top New Jersey Lawmaker Calls for Tax on Millionaires to Help Fund Pensions

A New Jersey court ruled last month that the state acted illegally in cutting its pension contributions over the last two years. As a result, the state will need to pay its full contribution in 2015 – which means New Jersey will need to come up with about $1.6 billion that hasn’t yet been budgeted for. In lawmakers’ search for new streams of ...
military

Minnesota Legislation Would Exempt Military Pensions From Taxes

Minnesota is one of six states in the country that fully taxes military benefits. But that could change soon, as two pieces of legislation in the state House seek to exempt some or all of military pensions from taxation. The first, introduced by Rep. Bob Dettmer, would exempt from taxation the first $30,000 of military retirement benefits earned, regardless ...
7408447448_8de1f6190e_z

$700 Million in New York Pension Payments Go to Florida Retirees

If you want a sense of how many New Yorkers move to Florida in their retirement years, look no further than this number: $708 million. That’s how much New York’s pension system paid out to Florida residents in 2014; the number represented 7 percent of the system’s total benefit payout. More from Bloomberg: Florida is luring more than just New ...
640px-Kalamazoo

Michigan Gov. Snyder Defends Pension Tax

Michigan Gov. Rick Snyder’s tax on pension benefits, levied in 2011, has become a legitimate campaign issue over the last few days. Snyder took to the radio this morning to defend the policy and cast the tax in a different light. Reported by Detroit News: Democrats have made Snyder’s changes to the way pensions are taxed a major issue in the election ...
360px-DavidStottsitsamongDetroittowers

Pension Tax Could Loom Large in Race for Michigan Governorship

Pensions aren’t the biggest issue in Michigan’s race for governor. But with incumbent Rick Snyder in a dead heat with challenger Mark Schauer, Snyder’s 2011 pension tax increase could prove to be a major factor in the way the race eventually plays out. From Money News: Polls have shown Snyder, 56, in a dead heat with Democratic challenger Mark ...
4655925819_9f2f889f3d_z

Could a “Retirement Tax” Help Illinois Climb Out of It’s Fiscal Hole?

Illinois is in a fiscal bind, and Rich Miller—founder of CapitolFax and tab-keeper on all things Illinois politics—explores in his recent column a policy that could raise $2 billion dollars. The idea: levying a tax on retirement income. From Miller: Illinois is facing a $4 billion hole in its 2015 budget when the 2011 income tax increase automatically ...
Privacy Policy | © 2020 Pension360 and © 2014 Policy Data Institute | Site Admin · Entries RSS ·