A taxpayer-oriented idea on pensions
I was talking with my husband about Illinois and the pension crisis, and he agreed with my suggestion. Thinking this was some kind of miracle, I thought I would offer it up to you guys, and see what you think.
If someone is retired and collecting multiple pensions, I would suggest the following (as a lifelong taxpayer):
The second pension shall be taxed at 50 percent with that portion going to the pension fund. The third pension (believe it or not, some people get three) these are taxed at 75 percent, with that portion going to the pension fund.
At least the taxpayers will feel less taken advantage of this way. So many private citizens collect zero pension. Those jobs went to China. Pensions are, to many people, a thing of the past. The 401(k) has replaced it for us, and maybe it finally is time for the government to catch up to current times for the rest of us.