In observance of the Memorial Day holiday, the Northwest Herald newspaper will not be published May 27. Breaking news and information will be updated on NWHerald.com.
Local

Rep. McSweeney wants to block Illinois from taxing retirement income

State Rep. David McSweeney, R-Barrington Hills, speaks to lawmakers on the House floor during session May 23, 2014, at the state Capitol in Springfield.
State Rep. David McSweeney, R-Barrington Hills, speaks to lawmakers on the House floor during session May 23, 2014, at the state Capitol in Springfield.

Rep. David McSweeney wants the state to keeps its hands off retirement income.

On Monday, the Barrington Hills Republican announced a House resolution opposing any moves to put a state tax on retirement income.

McSweeney’s measure is a response to the economic plan recently laid out by the Civic Committee of the Commercial Club of Chicago, one of the state’s leading business groups.

The Commercial Club’s plan calls for increasing the state income and corporate tax rate by 1 percentage point, as well as beginning to tax retirement income and putting sales taxes on more consumer services.

“One of the few tax benefits we have in Illinois is protection for retirement income,” McSweeney said in a news release. “We do not need to hold retirees accountable for the [state’s] out-of-control spending.”

But with massive pension debt and a backlog of unpaid bills nearing $7.8 billion, the state might be able to use an extra $6 billion in new revenue a year, which is how much the Commercial Club claims its plan could bring in.

Nonbinding House Resolution 32 has not yet been assigned to a committee.

Loading more

Digital Access

Digital Access
Access nwherald.com from all your digital devices and receive breaking news and updates from around the area.

Home Delivery

Home Delivery
Local news, prep sports, Chicago sports, local and regional entertainment, business, home and lifestyle, food, classified and more! News you use every day! Daily, weekend and Sunday packages.

Text Alerts

Text Alerts
Stay connected to us wherever you are! Get breaking news updates along with other area information sent to you as a text message to your wireless device.

Email Newsletters

Email Newsletters
We'll deliver news & updates to your inbox. Plan your weekend and catch up on the news with our newsletters.