It is the right time that both Gov. Ned Lamont and the legislature need to focus on enhancing tax exemptions on retiree income.
In the coming weeks, our state’s elected leaders – from governor to senators and representatives – must face the voters and win their support in the November elections. There are many important issues confronting our state, including negative economic growth, huge debt in our state employees’ and teachers’ pension funds, aging infrastructure, high taxes at both state and local levels, and diminishing state financial support of our towns. However, it is becoming increasingly evident that to make Connecticut’s recovery a reality, we also need to keep our seniors from moving away.
Only 12 other states tax Social Security benefits. Nearby states including Massachusetts, New York, New Jersey, and Pennsylvania do not tax these benefits, and in some cases do not tax other retirement income as well. We need to make Connecticut a more affordable state so that our seniors can stay here.