Penalties for Getting Old-er

Thought your retirement income and pensions were tax free? Read it and weep.

My grandmother was right when she told me years ago that there’s only two things in this world that you can never get out from under. Bills and taxes. So she was going to gift both to me in her will. ;) yah, a family joke. Or is it?

Amplify’d from detroit.cbslocal.com

AARP Michigan: Repeal ‘Unfair’ Pension Tax

November 19, 2011 8:27 AM

LANSING (WWJ/AP) – The Michigan Supreme Court has given the thumbs up to a new tax on pensions.

“Retirees had based their retirement plans on the no-tax status of pensions, and that’s why it’s unfair,” said Hornbeck.

Now, the AARP is pressing the State Legislature to overturn the new tax on public and private pensions.

“Not only are we talking about a pension tax in the State of Michigan, the discussion in Washington has been over possible cuts to social security and Medicare, so they’re sort of facing a triple threat,” said Hornbeck

Read more at detroit.cbslocal.com

 

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s