Taxed pensions – not just for teachers anymore

Tomorrow the House Committee on Tax Policy will take up a package of bills that propose taxing the pensions of all public employees, including judges (but not including military personnel).

According to an analysis by the House Fiscal Agency, taxing teacher, state worker, legislator and judge pensions would add some $209.7 million to the state coffers in the fiscal year 2012-2013.

The bill, if passed into law, would take state income tax from employee pensions on Jan. 1, 2012.

So far, the State Bar of Michigan has not taken a position on the bill, nor have Michigan Judges Association and the Michigan District Judges Association.

If you’d like to read the bill and a summary of its impact, click here.

And here’s the link, if you care to watch it live. The meeting will be webcast live at 10:30 a.m., Wednesday April 27.

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