The Institute for Illinois Fiscal Sustainability at the Civic Federation in their State of Illinois FY2018 Budget Roadmap makes the shocking suggestion that the legislature and the governor consider pensions, that third rail of politics, as taxable. They figure that, exempting social security pension, it would add $2 billion a year, $1.5 billion on pensions over $50,000.
I think it is a good idea. A lot of retired government workers have generous pensions like my retired teacher’s pension, and we can afford to pay taxes like everybody else.
Ray Hollmann, Fairview Heights