SPRINGFIELD, Ill. - Continuing his effort to protect seniors on a fixed income, state Rep. Mike Smiddy, D-Hillsdale, is sponsoring legislation opposing any effort to tax retirement income in Illinois.
"Too many Illinois seniors already struggle to pay their bills on a fixed income, and simply cannot afford more taxes," Smiddy said. "Taxing retirement income will only hurt our senior's ability to stay in their homes and a part of our community."
Under current law, any retirement income, such as a pension or 401k plan, is exempt from state income taxation. Illinois prepares to enter the New Year without a budget. Some politicians have proposed a new tax on retirement income as a way to reduce the state's debt. Smiddy is standing with a bipartisan group of legislators to make sure seniors are not targeted to fix the state's budget mess by sponsoring House Resolution 890, which opposes any effort to tax pensions, 401k accounts or any retirement income.
"Illinois retirees planned for their golden years, and to force them to pay more would mean terrible set-backs for Illinois seniors," Smiddy said. "Instead of trying to balance the budget on the back of the elderly, we should be eliminating wasteful spending in Springfield and Chicago."
House Resolution 890 was introduced on Dec. 2 and awaits action in the House.
###
