Retirees may start to “feel” the tax pain with the rest of us. The Chicago Tribune reported that John Cullerton (D-Chicago), IL Senate President, suggested that retirement income be taxed at the new 5% rate. Currently, retirement income such as pension funds, social security and 401(k) distributions are not taxed in Illinois. If Cullerton succeeds retirees would experience an immediate 5% tax hike, much more painful than the 2% increase of the general population. He says that this measure would bring in $1.6 billion a year to state revenues, but critics say this will just cause more seniors to move to Florida or other no-income-tax states.
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