The top Senate Democrat Monday suggested taxing retirement income for high-earning senior citizens for the first time to help lower income taxes that were raised in January.
Senate President John Cullerton (D-Chicago) said he would exclude Social Security income and avoid targeting those lower-income seniors who “don’t have much of a retirement income.”
Cullerton’s trial balloon would affect retirement income for those under 65. And in a late-afternoon committee hearing in Springfield, Cullerton suggested applying the retirement tax to those seniors making $100,000 or more.
Any guesses as to how many of these seniors will now make tracks for the border? Or declare their part-time homes in other "tax-friendly" states as primary residences to protect themselves? We're guess that it'll be a sizable number as has historically occurred in other states looking to balance out of whack budgets.