Tax breaks for everyone?
Page 1 of 1
Tax breaks for everyone?
by SamCogar Tue Feb 19, 2008 1:49 pm
Tuesday February 19, 2008
Tax breaks for everyone?
What's this about a $20,000 tax exemption for state retirees?
SENATE Majority Leader Truman Chafin, D-Mingo, speaking to red-clad retirees at the Cultural Center last week, was in an expansive mood.
The state can hand retirees a $20,000 personal income tax exemption this legislative session, he told them.
That would put about $1,200 back in seniors' pockets.
"I feel you have the ear of the Senate and House, and I think this is your year," he assured them.
And with a surplus of $150 million to $200 million, Chafin assured seniors, the state "can handle it."
House Majority Leader Joe DeLong, D-Hancock, was equally magnanimous.
According to one published account, he told seniors that state government has passed the test of living within its budget.
In a state whose taxpayers face billions of dollars worth of unfunded pension liabilities, this is an amazing statement.
But DeLong topped himself by pontificating: "The moral test of government is how it takes care of its children, how it takes care of its elderly, how it takes care of its sick and its needy and its handicapped."
State officials have given tax breaks to out-of-state corporations, he said, but have not given seniors a $20,000 income tax break. He called the state's failure to do this "absolutely mind-boggling."
But what is meant by the term "seniors"?
DeLong's name is on House Bill 4122, among others. It would change existing law, which exempts the first $2,000 of benefits from the West Virginia Public Employees Retirement System and the West Virginia State Teachers Retirement System from state income tax, to raise the exemption to $20,000.
The fiscal note on the bill estimates that it would reduce tax collections by approximately $22 million in fiscal year 2010, adding: "The anticipated retirements of members of the baby boom generation will result in additional escalation of costs over time."
It appears the gentlemen are proposing to give retired state employees a $22 million-a-year tax break.
That would be quite a nice thing to do for a powerful group of voters in an election year.
But wouldn't the costs of that benefit fall on other taxpayers?
Would that be a nice thing to do?
http://www.dailymail.com/Opinion/Editorial/200802190145
Tax breaks for everyone?
What's this about a $20,000 tax exemption for state retirees?
SENATE Majority Leader Truman Chafin, D-Mingo, speaking to red-clad retirees at the Cultural Center last week, was in an expansive mood.
The state can hand retirees a $20,000 personal income tax exemption this legislative session, he told them.
That would put about $1,200 back in seniors' pockets.
"I feel you have the ear of the Senate and House, and I think this is your year," he assured them.
And with a surplus of $150 million to $200 million, Chafin assured seniors, the state "can handle it."
House Majority Leader Joe DeLong, D-Hancock, was equally magnanimous.
According to one published account, he told seniors that state government has passed the test of living within its budget.
In a state whose taxpayers face billions of dollars worth of unfunded pension liabilities, this is an amazing statement.
But DeLong topped himself by pontificating: "The moral test of government is how it takes care of its children, how it takes care of its elderly, how it takes care of its sick and its needy and its handicapped."
State officials have given tax breaks to out-of-state corporations, he said, but have not given seniors a $20,000 income tax break. He called the state's failure to do this "absolutely mind-boggling."
But what is meant by the term "seniors"?
DeLong's name is on House Bill 4122, among others. It would change existing law, which exempts the first $2,000 of benefits from the West Virginia Public Employees Retirement System and the West Virginia State Teachers Retirement System from state income tax, to raise the exemption to $20,000.
The fiscal note on the bill estimates that it would reduce tax collections by approximately $22 million in fiscal year 2010, adding: "The anticipated retirements of members of the baby boom generation will result in additional escalation of costs over time."
It appears the gentlemen are proposing to give retired state employees a $22 million-a-year tax break.
That would be quite a nice thing to do for a powerful group of voters in an election year.
But wouldn't the costs of that benefit fall on other taxpayers?
Would that be a nice thing to do?
http://www.dailymail.com/Opinion/Editorial/200802190145
SamCogar- Number of posts : 6238
Location : Burnsville, WV
Registration date : 2007-12-28
Similar topics» The Hockey Stick Breaks
» Flood of sludge breaks TVA dike
» Edwards' Iowa Express bus breaks down
» A blue dog democrat breaks rank and snarls.
» Warning: Vacate room when Gore-bulb breaks
» Flood of sludge breaks TVA dike
» Edwards' Iowa Express bus breaks down
» A blue dog democrat breaks rank and snarls.
» Warning: Vacate room when Gore-bulb breaks
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum