Sunday, December 05, 2010
Taxes On Social Security Income
WEST VIRGINIA....
According to the Retirement Living Information Center, 27 states and the District of Columbia assess no state income taxes at all on Social Security income. However, that doesn't apply to West Virginia, one of 14 states that do tax it. Some leaders want to change that. Senate Majority Leader H. Truman Chafin, D-Mingo County, says, every legislative session, bills come up not to tax Social Security benefits, veterans benefits, or any pension benefits. Chafin says the revenue loss is usually pretty great, if those taxes are cut, and, if the revenue loss is high, it usually gets tied up in committee. Chafin says he will try to get the latest statistics this week, and, if the revenue loss is not too much, he would consider sponsoring a bill. Gary Zuckett, executive director of the West Virginia Citizen Action Group, says he thinks it's unconscionable to garner taxes from Social Security, while a lot of the elderly are scraping to get by. Zuckett says it shows how regressive the tax system has become in West Virginia, and it needs to be fixed.
According to the Retirement Living Information Center, 27 states and the District of Columbia assess no state income taxes at all on Social Security income. However, that doesn't apply to West Virginia, one of 14 states that do tax it. Some leaders want to change that. Senate Majority Leader H. Truman Chafin, D-Mingo County, says, every legislative session, bills come up not to tax Social Security benefits, veterans benefits, or any pension benefits. Chafin says the revenue loss is usually pretty great, if those taxes are cut, and, if the revenue loss is high, it usually gets tied up in committee. Chafin says he will try to get the latest statistics this week, and, if the revenue loss is not too much, he would consider sponsoring a bill. Gary Zuckett, executive director of the West Virginia Citizen Action Group, says he thinks it's unconscionable to garner taxes from Social Security, while a lot of the elderly are scraping to get by. Zuckett says it shows how regressive the tax system has become in West Virginia, and it needs to be fixed.
# posted by Homer Owens @ 9:41 PM 
