In a new Forbes article, Tax Breaks For Seniors On The Chopping Block, contributor Janet Novack writes that while the media has been fixated on Wisconsin Governor Scott Walker's battle with unions, little attention has been paid to efforts of other states to reduce tax breaks for senior citizens.
Michigan Governor Rick Snyder has proposed cutting the generous exemptions seniors get for pensions and IRA distributions.
Georgia's Republican-controlled legislature is considering doing away with an income tax exclusion for retirees.
Hawaii Governor Neil Abercrombie is seeking to limit the state's tax exemption for defined benefit pensions.
Posted by Kyle Petit, Associate Editor, Wealth Strategies Journal.
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