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.
