Derek Schmidt on Tax Reform

	Derek Schmidt on Tax Reform

Zero out taxes on Social Security, retirement income

Schmidt proposed elimination of state tax on benefits and income from Social Security, IRAs, annuities and other retirement vehicles to curtail population outmigration from Kansas. Schmidt said the recommended incentive package would be blended with existing income tax exemptions to help retain or attract retirees.

"To every retiree considering leaving Kansas, and to every retiree in another state looking to move, we're going to give you another reason to remain or return to Kansas by helping you retire tax free."

Schmidt said the proposal would zero out state income tax on Social Security retirement benefits, out-of-state public pensions, private pension benefits, defined benefit retirement plans, defined contribution retirement plans like 401(k)s, retirement annuities, individual retirement accounts, retirement plans maintained or contributed to by an employer, and deferred compensation retirement plans or any earnings attributable to a deferred compensation plan.

Source: The Kansas Reflector on 2022 Kansas Gubernatorial race , Jun 22, 2022

Sued to allow COVID relief funds use for state tax relief

[On coronavirus relief]: "The federal court's ruling ensures that tax relief enacted earlier this year by the Kansas Legislature over Governor Kelly's veto will remain in effect and will not result in the Biden administration demanding that Kansas return some of its federal COVID-19 relief funds," Schmidt said. "It also clears the way for Kansas to adopt our bipartisan recommendations to eliminate or significantly reduce the state's sales tax on groceries without fear of federal reprisal." Source: AG press release on 2022 Kansas Gubernatorial race , Nov 16, 2021

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