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.