Desperate Measures

llinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it. It would include a means-test to avoid taxing low-income seniors.

God knows, Illinois needs the money.

SUNSHINE REVIEW on the Illinois state budget.

• Illinois' financial situation is worse than any other state in the country according to a study by the National Conference of State Legislatures.
• Illinois and California are the two lowest-rated states by the three major credit-rating agencies.
• The state's pension funds are among the most underfunded in the country.
• Illinois has borrowed more than $2.2 billion from the federal government to pay unemployment benefits to laid-off workers and owe approximately $250 million in interest.

And a lot more details. The question is whether taxpayers should pay for the political corruption that promised future benefits for votes.

UPDATE: The next day (March 8) Senate President John Cullerto hastily clarified that it would be tax on retirement income for those under age 65.