Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 3 of 6 · from the scan, no model involved
Association.
Gov. Raliles announced, in a statement to the Assembly, his plans to sign the compromise bill into law, but added that he "worried about the scope and long-term financial consequences of your actions, particularly for my successor.”
The governor’s proposal was a $16,000 “threshold” for taxing public and private retirement benefits. It was criticized by Democrats and Republicans alike as "the cliff' whereby those pensioners with $16,001 in benefits would be taxed in full.
The pew plan has a more gradual drop, but still contains a cliff, an $8,000 drop in exclusion from the $40,000 to the $40,001 pension.
A March 28 U.S. Supreme Court decision ruled that states could not taxfederal retiree benefits while exempting state and local [tensioners.
The decision required Virginia and 22 other states to restructure their pension tax programs to treat local, state and1 federal government retirees equally. The Assembly will return to the Capitol on June 7 to act on any amendments proposed by Gov. Baliles.
62.2%