Bevin said lawmakers must examine every aspect of the tax code and that there will be "sacred cows" that are turned into hamburger.
But, let's get started moving toward that goal right now by passing the Hometown Heroes Act to eliminate income taxes on the pensions of those who have put their lives on the line for us: our retired military, police, fire, and first responders.
And let's work together to protect the integrity of our state pension system, which has an estimated $20 billion unfunded liability by passing the State Retirement Choice Act for the 21st Century Workforce, which contains common sense reforms to pay down our unfunded pension liability and to create a sustainable retirement system for the future.
For the first time in five years, most state retirees will get a cost of living increase. We've also expanded the earned income tax credit each of the last two years. We reduced the income tax seniors pay on their social security income.
Let me put it in context. Of the $1.65 billion that we will pay next year into the state retirement systems, 78% of that--or nearly $1.3 billion--is what we're paying to make-up for what past administrations and past legislatures failed to do. Simply put, our generation is paying for Connecticut's past mistakes. Is it frustrating to do that? Of course. Is it necessary? Absolutely. It's also the right thing to do.
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| Candidates and political leaders on Social Security: | |||
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Retired Senate as of Jan. 2015: GA:Chambliss(R) IA:Harkin(D) MI:Levin(D) MT:Baucus(D) NE:Johanns(R) OK:Coburn(R) SD:Johnson(D) WV:Rockefeller(D) Resigned from 113th House: AL-1:Jo Bonner(R) FL-19:Trey Radel(R) LA-5:Rod Alexander(R) MA-5:Ed Markey(D) MO-9:Jo Ann Emerson(R) NC-12:Melvin Watt(D) SC-1:Tim Scott(R) |
Retired House to run for Senate or Governor:
AR-4:Tom Cotton(R) GA-1:Jack Kingston(R) GA-10:Paul Broun(R) GA-11:Phil Gingrey(R) HI-1:Colleen Hanabusa(D) IA-1:Bruce Braley(D) LA-6:Bill Cassidy(R) ME-2:Mike Michaud(D) MI-14:Gary Peters(D) MT-0:Steve Daines(R) OK-5:James Lankford(R) PA-13:Allyson Schwartz(D) TX-36:Steve Stockman(R) WV-2:Shelley Capito(R) |
Retired House as of Jan. 2015:
AL-6:Spencer Bachus(R) AR-2:Tim Griffin(R) CA-11:George Miller(D) CA-25:Howard McKeon(R) CA-33:Henry Waxman(D) CA-45:John Campbell(R) IA-3:Tom Latham(R) MN-6:Michele Bachmann(R) NC-6:Howard Coble(R) NC-7:Mike McIntyre(D) NJ-3:Jon Runyan(R) NY-4:Carolyn McCarthy(D) NY-21:Bill Owens(D) PA-6:Jim Gerlach(R) UT-4:Jim Matheson(D) VA-8:Jim Moran(D) VA-10:Frank Wolf(R) | |
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