Lawrence Msall

Taxing retirement income
6:54 pm
Mon March 3, 2014

Civic Federation Calls For Taxing Retirement Income

  As more baby-boomers retire, Illinois is increasingly missing out on a revenue source. Of the 41 states with an income tax, Illinois is one of only three that exempt all pension income.

A new report from the Chicago-based Civic Federation says Illinois needs to take a longer-term approach to budgeting; one that is rooted less in politics, and more in reality. Most notably. the group recommends Illinois extend its current income tax rate for a year before gradually rolling it back.

Read more