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Taxing retirement benefits controversial, but viewed by some as matter of fairness
When the Civic Federation last week released its five-year budget road map for Illinois, it raised a few eyebrows. Among the various recommendations made by the group for the state to pay off its bills and gradually reduce its income tax rate, the federation recommended that retirement benefits in Illinois be subject to the state income tax. Illinois does not now tax retirement benefits. The idea of imposing a new tax on a powerful voting bloc like seniors had lawmakers quickly declaring the idea D.O.A...Read More
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