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Benefits
Are Taxed
To the Editor:
Many Democrats still insist fhat Social Security and Railroad Recrement benefits are not taxed in Virginia.
Social Security benefits are not included in income on Form ,760. However, House Bill 1116, signed by Governor Wilder April 4, 1990, provides that the “age subtraction” be reduced dollar for dollar by' SS benefits received in arriving at taxable income. So the net result is that your tax is greater in direct relationship to the amount of benefits received.
rity retirement benefits has any doubts as to whether the benfits affected their 1992 state income tax, they can easily find out for themself.
Here is a simple approach to use:
Pull out a copy of your 1992 State Income Tax Form 760 and recompute your 1992 tax as if you received no Social Security benefits for 1992. (Simply change line 30, page 2, to show $-0- and redo the rest of the computations).
If you don’t like the results you find, you can lay the blame directly on Majority Leader Richard Cranwell and the Democratic majority in the House of Delegates.
During the 1992 session, House Bill 144 was amended by the Senate to eliminate Social Security benefits as a factor in determining state income tax. Del. Cranwell killed HB 144 by causing it to be referred back to his Finance Committee where no further action was taken.
During the 1993 session, Sen. Hunter Andrews, chairman of the Senate Finance Committee, summarily killed Senate Bill 818, which I introduced, by referring it to a subcommittee which never met. SB 818 would have eliminated Social Security benefits as a factor in determine ing state income tax. "
SENATOR KEVIN MILLER
If anyone receiving Social SecuHarrisonburg
Supported
93.8%