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I AM ONE of the sponsors of a bill to provide additional retirement benefits for state employes who have retired and will retire in the future.
The principal item here is the deletion of the first $1,200 from the figuring of retirement benefits.
These retirement benefits are paid from a state retirement fund which the employees and the state contribute to and is managed and invested and used only for retirement benefits and is not mixed with other state funds. This bill has passed the House of Delegates and is now in the Senate.
The House of Delegates passed a bill increasing the corporate income tax from 5% to 6% and the individual income tax for taxable incomes over $12,000 (after taking deductions and exemptions) from 5% to 5 3/4%. Taking all of the calculations into account, this means that practically all taxpayers would have to have an income of $15,000 before paying any additional tax.
1 voted for these bills in order to raise enough revenue to balance the budget, and this was the general feeling of the House of Delegates. continued- more to come ran out of tape!
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