Cullerton floats tax on U-65 pensions

Illinois Senate President John Cullerton suggested taxing retirement income of high-earning senior citizens under the age of 65.

Under his “trial balloon” retirement income of persons under the age of 65 would be taxed if they earn more than $100K. The tax would exclude Social Security income and be income based, according to media reports.

Cullerton estimates the proposal would raise about $1.6 billion annually.

The Capitol Fax Blog reports Cullerton told it the additional revenue would be used to lower the overall tax rate.

Read more about the plan in the Chicago Sun-Times.

Read more about the plan in the Chicago Tribune.

Read more about the plan in The Capitol Fax Blog.

Related posts:

  1. Cullerton discusses tax increase, budget (video)
  2. Cullerton legal counsel: Illegal to cut pensions
  3. 201 Miles to Springfield: John Cullerton makes friends of easily impressed newspaper
  4. U of I prez thanks Cullerton for volunteering
  5. Cullerton: earliest Senate can meet is Nov 4
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Patrick Boylan

About Patrick Boylan

Patrick grew up near LaFollette Park on the West Side. He contends that the very best Italian beef sandwiches are made on the West Side and has a strange love of the flat pizza from that part of the city. Patrick led The Bulldog to win seven journalism awards in 2011, including four awards to Patrick as a solo or a team member. He is very proud of The Dog's coverage of politics and schools in the neighborhood. Patrick wrote for the Times of Northwest Indiana as a stringer covering Cook County Government, for the Chicago Tribune as a stringer on the Chicago Wolves and for ChicagoNow as a writer before starting The Dog. He wrote for four years for as a media commentator and spent about 20 years in operations at city newspapers, including nine years as owner of his own distribution company. Prior to that he spent about nine years in public relations. Patrick has a Masters degree from the University of Colorado. He attended Eastern Illinois University for undergrad and Weber High School and St. Peter Canisius grammar school. The two-flat he owns was built in 1912 and has never been featured, to his knowledge, in any major motion pictures despite having a way-cool garden. Patrick purchased the property in 1994 and "couldn't afford to buy it now." His daughter is a college student in California. He lives in the house with his wife, Jane, and two cats who often sit in on his phone interviews.

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