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Started By
Message
re: Mike Edmondson to get $128K retirement--state tax free--age 58
Posted on 3/28/17 at 12:51 pm to BBONDS25
Posted on 3/28/17 at 12:51 pm to BBONDS25
Uhhh I want people to have the same tax implications that I have and not to burden me with their tax exemptions.
Who else should we exempt so the rest of taxpayers will have to pay more??
Who else should we exempt so the rest of taxpayers will have to pay more??
Posted on 3/28/17 at 12:56 pm to dwr353
quote:
The state has only done two cost of living increases in the last 22 years that I know of.
WTF are you talking about. They have had 2 in the past 3 years. Jindal's 7th year and JBE's first.
Posted on 3/28/17 at 12:59 pm to I B Freeman
Exactly. You want others to pay more so you can pay less. How noble.
Posted on 3/28/17 at 1:03 pm to BBONDS25
quote:
Exactly. You want others to pay more so you can pay less. How noble.
If it is a stupid exemption then it should be eliminated or modified. If that results in a lower rate for everyone (or a fairer retirement exemption that helps all retirees) so much the better.
The LA tax code is shambles because every little group has a n exemption, deduction or credit. The only way to fix it is to get rid of as many of these exemptions as possible and lower the rate.
Policy-wise this is freakin' obvious. Politically, people with your viewpoint make it difficult.
Posted on 3/28/17 at 1:46 pm to I B Freeman
quote:
Of course pensions are income.
nope
quote:
Personal income includes compensation from a number of sources including salaries, wages and bonuses received from employment or self-employment; dividends and distributions received from investments; rental receipts from real estate investments and profit-sharing from businesses
Taxes have already been paid on it, when it was earned
Posted on 3/28/17 at 1:49 pm to BigJim
I forgot about 1. Make that 3 in 22 years
Posted on 3/28/17 at 1:54 pm to bayouteche
As she will receive my pension if I die first, any survivor benefits are reduced by $1 for every dollar of state pension. As a result, since my retirement is more than my ss benefit, she gets no ss.
Posted on 3/28/17 at 1:59 pm to LSUFanHouston
quote:
it's just running up the bill for future generations. See the unfunded liability - 9th worse in the country (but I guess at least it's not the worst?)
Teachers is way worse off than LASERS, but the Retirement Systems are not the reason for the large UAL.
The Legislature (in the past) in its infinite wisdom never fully funded the employer contribution side for years and in 1988, when it addressed the situation, it amortized the debt over several decades with the payments back ended (this actually grew the debt with initial payments less than the accruing interest on the debt).
If you take out the State's constitutionally obligated payment for the UAL, it really only costs the State 3.5-4% per employee for their normal retirement costs (hence why the State has a retirement system instead of SS which requires 6.2% employer contribution). The UAL payment constitutes the remaining 30-33% of employer cost, and has nothing to do with the funding of the current employee's benefits.
For those that have argued in the past for moving State employees to SS, the problem is the State has to make a larger contribution for these employees under SS, and it doesn't make the UAL payments go away.
Posted on 3/28/17 at 1:59 pm to I B Freeman
In Mississippi, state employees do pay into SS tax. They don't pay taxes on retirement, but that's because it was already taxed when they paid into it.
Posted on 3/28/17 at 2:06 pm to BigJim
how much time have you spent in the Louisiana tax code?
What is my viewpoint? How does it make revision of the code difficult?
What is my viewpoint? How does it make revision of the code difficult?
Posted on 3/28/17 at 2:14 pm to League Champs
quote:
Taxes have already been paid on it, when it was earned
Nope. It's tax deferred when you earn it...but then exempt by LA law when you start to draw it.
No double taxation here, try again.
Posted on 3/28/17 at 2:16 pm to dwr353
She will still be entitled to the reduced SS Survivor benefits off of your earnings record. If you die first, the widow benefits she receives from the state will not have any bearing on SS Survivor benefits unless she receives a non-covered pension (state, municipal, fed) based on her own employment.
Posted on 3/28/17 at 2:23 pm to BBONDS25
quote:
how much time have you spent in the Louisiana tax code?
What is my viewpoint? How does it make revision of the code difficult?
Not CPA-filing-return-levels, but a lot.
The core of a good tax code is a broad base but low rates. One of the most serious problems with our tax code is we have a narrow base because so much is either excluded or gets credited back. So we have the highest sales tax rate, of one highest corp income rates, AND an above average top income tax rate (I count only 13 states with higher top rates). But for all that we don't collect all that much because of the oodles and oodles of deductions, exemptions and credits.
Everyone of those deductions, exemptions and credits has a constituency that will scream: "why are you raising my taxes!!!" if you go after them. And they all (well a lot of them) can make a decent case for their particular loophole. But we would all be better off if we got rid of a lot of these things and just lowered the rate for everyone.
Posted on 3/28/17 at 2:27 pm to I B Freeman
Louisiana has an extremely low state income tax, anyway. (Or at least, they used to)
Posted on 3/28/17 at 2:32 pm to DawgsLife
quote:
Louisiana has an extremely low state income tax, anyway. (Or at least, they used to)
In terms of collections, basically.
But the rates are relatively high. Not, highest in the country levels, but I counted only 13 states with higher top rates.
Tax Foundation data
Posted on 3/28/17 at 2:37 pm to BigJim
quote:
No double taxation here, try again.
If La wants to do something that stupid, then a lot of retirees will be moving to Texas, rather than take a pay cut. So not only do you lose what little income tax you wanted to grab, but their sales, property, personal taxes and any state fees
Dumb
Posted on 3/28/17 at 2:38 pm to bayouteche
Hope you are correct. Will check out. Thanks.
Posted on 3/28/17 at 2:41 pm to dwr353
It's all fun and games until the gov't goes broke.
Posted on 3/28/17 at 2:44 pm to League Champs
quote:
If La wants to do something that stupid, then a lot of retirees will be moving to Texas, rather than take a pay cut. So not only do you lose what little income tax you wanted to grab, but their sales, property, personal taxes and any state fees
Dumb
Wow.
Why do we especially care about retirees? That logic also applies to working age individuals. They can move to Texas and pay NO income tax on their current earnings. Why not just exempt their income taxes so we can get sales, property, personal taxes (?), and state fees?
Let's get rid of these politically motivated exemptions and lower the rates for everyone (workers included). That makes us more competitive.
Posted on 3/28/17 at 3:09 pm to I B Freeman
quote:
Edmondson--only 58--gets his pension for life. The rationale for the tax free treatment of the political servant's pension is that they do not pay into social security and social security is state tax free.
I get that you don't like this, but you can't change it on anyone already in the system. The state Supreme court has ruled it would be an unconstitutional taking.
you could only make the benefit taxable on new hires after the enactment of the legislation.
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