TAX on retirement income - The HuntingPA.com Outdoor Community
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post #1 of 57 (permalink) Old 09-12-2019, 09:58 AM Thread Starter
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TAX on retirement income

this isnt outdoor related but it certainly affects a lot of us and people we know. this is a letter to the editor in the paper today. I did not write it. we need to act on this, or we may find our outdoor way of life impacted financially.


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All seniors should be aware that some state legislators are making plans to tax retirement income at a rate of 4.92 percent. This includes pensions, IRAs, 401(k), 403(b), 457, etc. Rep. Frank Ryan of Lebanon says he will drop the proposal if it does not get significant support from senior citizens. We need to let him know we donít support it. Please email Rep. Ryan at [email protected]. Also, contact your state representative and senator.
For 44 years, we have been encouraged (through tax benefits) to save for retirement through IRAs. Now that we are in retirement, they want to change the rules. When you are working, you have options to rearrange your affairs. You can save more or work longer. Once you have retired, your situation is fixed. That makes this proposed tax on retirement income particularly unfair.



i sent my letter of opposition, will you ?

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post #2 of 57 (permalink) Old 09-12-2019, 10:25 AM
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Emails sent to Ryan, and my representative.

This is ill conceived legislation to repeal / reduce school property taxes with new income taxes. While I am an opponent of school property taxes, and the arbitrary methods used to calculate them, I am unalterably opposed to Pennsylvania taxing the pensions of retired senior citizens ! ! !
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post #3 of 57 (permalink) Old 09-12-2019, 11:07 PM Thread Starter
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i got an actual response from Rep. Ryan


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Subject: Re: tax on retirement income

Thank you so much for your e-mail.

Iím sorry that you donít think itís a workable idea but I would like to ask you a few questions if you wouldnít mind?

First, are you aware that our bill gets rid of school property tax 100%?


This video may help explain more about the actual bill.


https://s3.us-east-2.amazonaws.com/p.../461319961.mp4

Second of all may I ask you where you saw the story? Thereís a number of emails coming out of Erie and Iím wondering how the story was presented. If you have a copy of the article I would appreciate seeing it.

Third, are you aware that Social Security is not taxable under our bill,

Fourth, are you aware that any money you contributed to your pension plan is not taxable my bill.

Fifth, the hold harmless provision thatís been benefiting the western part of the state is expiring so the property taxes in the western part of the state, which are currently being subsidized by people in eastern part of the state, will start to increase at an increasing rate?

Sixth, Iím 68 years old, a CPA, and a retired Marine Colonel with an expertise in economic warfare and I can assure you that if we donít get control of this problem of the cost of seniors in the Commonwealth that in 3 to 5 years the Commonwealth will have no other option but to tax retirement income and youíll still have property taxes.

I know these are painful discussions but I can assure you that the overspending in the Commonwealth over the past 40 years has put us in a predicament where we have no other option. Public sector pensions are under funded by almost $75 billion as an example.

If you are OK with property taxes then I understand your position completely.

The bill that Iíve got prepared is in an open comment period and thatís why I am soliciting your thoughts.

Iíve been in office for two years and Iím stunned at the lack of financial controls that existed in Harrisburg until recently.

I do appreciate the dialogue.

Semper Fi,

Frank

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post #4 of 57 (permalink) Old 09-13-2019, 06:30 AM
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-- - Haven't we heard this reduce School property taxes before ? This is what legalized betting was supposed to do. I have seen NO reduction in school property taxes. These people are so full of Crap that they attract swarms of flys !
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post #5 of 57 (permalink) Old 09-13-2019, 06:45 AM
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Anyone who believes any new tax created to replace an old one is a good idea ....theyíre naive at best.
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post #6 of 57 (permalink) Old 09-13-2019, 07:14 AM
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Originally Posted by Bigbrownie View Post
Anyone who believes any new tax created to replace an old one is a good idea ....theyíre naive at best.
Yep...as some European countries eliminated the income tax & went to a VAT(National Sales Tax). After a few years the National Sales Tax wasn't bringing in the revenue they expected so they tacked back on the ole income tax. Now they have BOTH!!
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post #7 of 57 (permalink) Old 09-13-2019, 07:30 AM
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THAT IS BALLSY! As a retired citizen of the Commonwealth I am a bit past the age of having school children. In fact, nearly all of my grandchildren have graduated, including one from college! Telling me that paying a tax to eliminate a tax, is simply idiotic, and only opens the door for even more taxes when the new one proves insufficient, and as Loggy alluded to, would likely find an end result of an extra tax. As I mentioned in my letter of protest, the only reason I can see for introducing such legislation is a desire to lose the senior retiree votes in the next election.
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post #8 of 57 (permalink) Old 09-13-2019, 08:00 AM
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Y'all better do some calculations before saying no to this. It will save me several thousand per year; I would not walk away from that.

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post #9 of 57 (permalink) Old 09-13-2019, 08:08 AM
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Originally Posted by TEALHNTR View Post
Y'all better do some calculations before saying no to this. It will save me several thousand per year; I would not walk away from that.
How about in future years when revenues decrease due to many higher(defined benefit) pensioners dying and falling off the new tax base and they find it necessary to bring back real estate taxes??
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post #10 of 57 (permalink) Old 09-13-2019, 08:09 AM
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I would, trading one tax for another is a fools errand. Sooner or later they will outspent the income and they will stick the old tax back on. Never volunteer for a tax. I think what they were talking about several,years ago would be the best way to go, increase sales tax, get rid of all exemptions except medicine and medical services. They would make enough to support the schools. But of course the cry will be what about the poor! What about the poor, they are paying their taxes with our money anyway!
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