Riverside Info Tag: money

Riverside Info Tag: money http://www.riversideinfo.org/forum/ Discussion Forum for Riverside Illinois en Tue, 07 Feb 2012 01:40:53 +0000 chrisrobling on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/10#post-15913 Thu, 02 Feb 2012 12:37:35 +0000 chrisrobling 15913@http://www.riversideinfo.org/forum/ "There is almost no choice." Ummm, yes there is -- stop the spending. Cap the taxes. End the madness. Traditionally, income taxes paid on way in, or way out, not both. Romney's double taxation is not two bites at income apple, one is income, other is capital gains. Obviously, the nibbling away continues after income -- or cap gains -- via (depending where one lives) real estate, sales, estate, etc. etc. But technically, those are not considered to be "income" tax. mr on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/10#post-15911 Thu, 02 Feb 2012 09:20:16 +0000 mr 15911@http://www.riversideinfo.org/forum/ Pensions of any type are not subject to taxes in the state of Illinois. They are subject to federal taxes. 401Ks are also considered pensions by the state, and withdrawals are not subject to state taxes. I believe that the pensions are subject to ordinary income taxes on the federal level. They are not considered investment income and capital gains. I believe that that also applies to 401K withdrawals. This has to do with the fact that the funds that were put aside to pay these pensions were never taxed in the first place. Remember that capital gains and dividends, etc. were already taxed before the money was distributed, where it will be taxed again. THe state of Illinois will undoubtedly move to tax pensions. There is almost no choice. As in New York, people with goverment pensions will move to avoid taxes on them. That will mean other people who continue to live in Illinois will pay the retirements of people who left. TS on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15910 Thu, 02 Feb 2012 08:14:16 +0000 TS 15910@http://www.riversideinfo.org/forum/ Given how the governor and the other state Democratic leaders pander to the unions in this state, I expect higher taxes and no changes to the pension system. The Democrats have ruined my home state, it is beyond repair. Add Illinois to the likes of Greece, Ireland and the other Euro nations that are under water. This is what happens when you create a welfare state. I'm fed up with these leaders. The only option I have is to seek employment in another state. You are either a fool or living in a dream world if you think the incompetents in Springfield have any desire to fix the financial mess they've created. All they are interested in is being re-elected and they do that by buying the votes of the unions in Illinois. anonymous on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15909 Thu, 02 Feb 2012 00:30:31 +0000 anonymous 15909@http://www.riversideinfo.org/forum/ Regarding Quinn---talk is cheap. Here's a grand idea for him--let's raise the state income tax. Again. I'll bet jobs will follow------the others which went to Indiana. mrt on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15908 Thu, 02 Feb 2012 00:19:12 +0000 mrt 15908@http://www.riversideinfo.org/forum/ at least quinn is TALKING about the need for pension reform. Now we need action. Our neighbor Judy Barr chimes in the article , too. .. <blockquote>Illinois governor urges pension, Medicaid changesBy Karen Pierog | Reuters – 6 hrs ago... . (Reuters) - Illinois Governor Pat Quinn on Wednesday said the state must make changes to its pension system and to Medicaid this year, while also insisting that spending cuts alone will not fix the state's budget. A financial watchdog group recently forecast that Illinois' pile of unpaid bills will quadruple to $35 billion in five years, while Moody's Investors Service cited inaction on pensions and unpaid bills last month when it cut the state's credit rating to A2, the lowest rating level among the states it rates. </blockquote> <a href="http://news.yahoo.com/illinois-governor-urges-pension-medicaid-changes-222242384.html" rel="nofollow">http://news.yahoo.com/illinois-governor-urges-pension-medicaid-changes-222242384.html</a> quick tax question: is pension income subject to state and federal income tax under the normal schedules for ordinary income? Or does it vary by kind of pension - some types of pensions are so taxed and others are not ? mr on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15827 Wed, 25 Jan 2012 13:01:26 +0000 mr 15827@http://www.riversideinfo.org/forum/ Well, the union will get a local tax increase after all. We will still need to lay off teachers because of what we will be paying for those already retired. chrisrobling on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15824 Wed, 25 Jan 2012 11:24:10 +0000 chrisrobling 15824@http://www.riversideinfo.org/forum/ from today's "Capitol Fax": ALL THREE DEM LEADERS APPEAR ON BOARD House Speaker Michael Madigan appeared yesterday to all but endorse an idea to force local school districts and universities to pick up a share of their state pension contributions. Senate President John Cullerton floated the proposal last year, and Gov. Pat Quinn added his support in recent weeks. Needless to say, if all three Democratic leaders are talking about it, you can probably expect some action this year. However, there will be strong pushback from suburban and downstate legislators who’ll fear voter backlash from potentially massive local tax increases to fund the proposal. mr on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15787 Mon, 23 Jan 2012 23:23:03 +0000 mr 15787@http://www.riversideinfo.org/forum/ Wow. My post and yours are virtually identical. I copied it from someone who apparently copied it liberally. chrisrobling on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15785 Mon, 23 Jan 2012 21:28:41 +0000 chrisrobling 15785@http://www.riversideinfo.org/forum/ hi mr -- check my adaptation of this at p32, on "And so it begins...", c. Sept. 10, 2010. cheers, c mr on "Pensions" http://www.riversideinfo.org/forum/topic/pensions/page/9#post-15779 Mon, 23 Jan 2012 17:08:58 +0000 mr 15779@http://www.riversideinfo.org/forum/ Interesting summary of the changes in Social Security over the years. When Franklin Roosevelt introduced the Social Security (FICA) Program. He promised: 1.) That participation in the Program would be completely voluntary. TODAY: No longer Voluntary 2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program. TODAY: Now 7.65% on the first $90,000. (employers match) 3.) That the money the participants "elected" to put into the Program would be deductible from their income for tax purposes each year. TODAY: No longer tax deductible. 4.) That the money the participants put into the independent 'Trust Fund' rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program (SSRP), and no other Government program. TODAY: Under Lyndon Johnson and a Democrat - controlled Congress, Legislation was passed and the money was moved to The General Fund and SPENT. What's in the SSRP are gov't "IOU"s. 5.) That the annuity payments to the retirees would never be taxed as income. TODAY: Under Clinton & Gore and a Democrat - controlled legislature in 1993, legislation was passed to allow up to 85% of your Social Security that can be Taxed. But wait, there's more! Since many of us have paid into FICA for years and are now receiving a Social Security check every month --and then finding that we are getting taxed on 85% of the money we paid to the Federal government to 'put away' -- you may be interested in the following: Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding? A: The Democratic Party. Clinton and a democrat-controlled congress passed that legislation before the republicans took control of the house in '94. Q: Which Political Party started taxing Social Security annuities? A: The Democratic Party under Clinton in 1997, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate, while he was Vice President of the US Q: Which Political Party decided to start giving annuity payments to immigrants? A: Jimmy Carter and the Democratic Party. As immigrants moved into this country, regardless of the amount of time contributing, at age 65, began to receive Social Security payments! The Democratic Party authorized giving these payments to them, even though they may never have paid a dime into it! Then, after violating the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! So you think that the Democrats are "for the people"?