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Senior citizen tax breaks on the chopping block?
March 03, 2011
State tax breaks for seniors are under fire in states coping with budget problems, reports Janet Novack.
Iowa has several such breaks, including its exclusions for social security and pension income. Seniors are quick to say they deserve them because they are on "fixed incomes." While that may be true, demographically seniors have a higher net worth than the rest of the population. They often live in a paid-for house, and they seldom have child-care expenses. And really, who among us have a "flexible" income that we can just ramp up as needed?
That's not to say needy seniors shouldn't get a break; it's just that not all seniors are needy, and being a senior is a poor proxy for being needy.
Related: DO OLD FOLKS DESERVE SPECIAL TAX BREAKS?
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Comments
When a senior tells me they're on a fixed income, I always think the same things (none of them positive). As you mention, we're ALL on a fixed income, but they're in that position because they chose to not have a job for 20-30 years. Even worse, they expect us working stiffs to support them in the manner to which they've become accustomed, with all sorts of goodies (like the unfunded Medicare prescription drug benefit). And, to top it all off, they then have the gall to complain about runaway government spending.
Sigh. I'm ready to replace the income tax with a net worth tax. Or maybe just a tax on those motorized scooters they love so much.
[/rant]
Posted by: JoelShoe | March 3, 2011 3:05 PM