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Fri November 9, 2012
Tax Commission Proposes Decreasing Exemptions for Pensioners
A tax reform panel appointed by Governor Steve Beshear is considering a proposal that would result in more retirees having their pensions taxed. Lieutenant Governor Jerry Abramson is chairman of the Blue Ribbon Commission of Tax Reform. Abramson says members may recommend tweaking a policy that exempts annual pensions of $41,100 or less from taxes.
He says commission members are looking at decreasing that by more than half to pensions of $15,000 or less. Governor Steve Beshear appointed the panel to recommend a simpler tax code that would generate enough revenue to meet state needs even during recessions. The group has already ruled out implementing a 6 percent tax on groceries, which would have generated some $500 million a year.