Source: Lake Geneva Regional News

Retirement Income Taxes
December 17, 2010 | 07:06 PM

While part of me would love to agree with Senator Kezdie on this one, the point raised in the above comment stands true. If we drop an income source for the state, it has to be made up someplace else. While I don't like paying state income taxes on my pension here, I am appreciative of the better roads in general that we had in Illinois. My overall assessment is that we may pay a bit more here, but we get more too. That works out in the end. Still, the phaseout plan might be a good idea but offset it with a slightly higher tax on higher income earners or better yet, support a plan that gets a higher graduated tax on federal income, and hits the hedge fund guys by making them pay normal wage taxes instead of raking in their millions that has a current 15% capital gains tax. The money the federal government makes on this can get back to the states by being able to pay more of their share of things like Medicaid.

Dave
Williams Bay