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NEWCASTLE AGREES TO SUBSIDIZE COALS
April 27, 2006
Governor Vilsack and legislative leaders finally shook hands today on a budget deal that includes a phased-in tax break for Social Security and pension income.
The Des Moines Register reports:
-the compromise would increase the amount of exempt pension earnings taxable income for seniors to $24,000 for single filers and $32,000 for joint filers. The break would be at $18,000 for singles and $24,000 for joint filers for a two year interim.
-it would also phase out taxes on social security earnings entirely over nine years, no matter how high the income.
This is an important part of a long-term plan to make Iowa the retirement mecca of the plains. Even now only three states have older populations than Iowa. With tax policy like this, we'll get rid of the rest of those rowdy young whippersnappers in no time.
Prior Coverage:
GIVE US YOUR OLD, YOUR CREAKY, YOUR BINGO PLAYERS...
ROLL CALL ON THE PENSION EXEMPTION
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