Tag: 401k

It's time to tax Illinois retirement income

Here’s one reform that could ease Illinois’ fiscal troubles: Tax retirement income. Illinois exempts from taxation all retirement income, including Social Security, an astonishing fact, considering the state’s ruinous fiscal health. Only two other states, Mississippi and Pennsylvania, are as blindly generous. Most other states tax a portion or all of retirement income, including public... Read more »

Obama wants to cap contributions to tax-deferred retirement plans

Some Americans might be thrilled by President Barack Obama’s latest plan to take more revenge on the wealthy, because they’re…well…wealthy. As CNBC reported: President Barack Obama’s 2016 fiscal year budget includes a proposal to cap contributions to tax-preferred retirement plans like 401(k)s and IRAs. Those plans would be capped at $3.5 million, which we’re told... Read more »
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