When we moved to Michigan from Florida in 2014, we braced ourselves for a dramatic change in weather (hello, snow!) and our state tax bill (good-bye, income-tax-free Florida!). We also learned from a newly-retired Michigander that when the time comes, we’d have to pay the state’s 4.25 percent income tax on pension income.
TPC shows how President Obama would redistribute income from the rich to the poor. The President will release his budget next week, and with it, a tax plan analyzed by the Tax Policy Center . TPC’s Howard Gleckman explains that under the plan, after- tax income would increase by about $175 in 2016
In his upcoming budget, President Obama will propose to strip away the “loopholes” that permit wealthy individuals to accumulate large amounts in tax-favored retirement plans. He would prohibit a taxpayer from contributing any more to IRAs or other qualified retirement plans once his or her