[LWVNM Action] The budget as a moral document

[Richard Mason]

 The League position is that our tax system should be progressive. A flat exemption that does not take into consideration people's ability to pay is not progressive. Most low income seniors do no pay taxes on their SS benefits.
Dick Mason
 
 
-----Original Message-----
From: Jane Asche via Action <action at mailman.swcp.com>
To: Richard Mason via Action <action at mailman.swcp.com>
Cc: Jane Asche <janeasche at comcast.net>
Sent: Tue, Feb 22, 2022 9:38 am
Subject: Re: [LWVNM Action] The budget as a moral document

Richard,

So do you consider the limit of an income of $100,000 for single people 
and $150,000 for couples to be  high incomes in today's economy of high 
inflation?  I do think the income limits for the exemption should be a 
little lower.  However, for my husband and I (86 and 82 years old), both 
retired professionals with investments in lots of higher education 
during our careers for our selves and our children, have a combined 
retirement income of right around $70,000.   It seems whether the limits 
are reasonable enough is affected by the health issues retired people 
face and often times responsibilities to care for aging parents as new 
retirees.  In some cases, a retired couple with an income a little below 
$150,00 is not a lot.

Jane  Asche

On 2/18/2022 9:29 AM, Richard Mason via Action wrote:
> Many over the years have called the budget a moral document - how you 
> raise & spend money reflects the values of the society. I am attaching 
> the Fiscal Impact Report (FIR) for HB163 - the tax package just passed 
> by the Legislature. The whole story is on the first of the 24 pages.
>
> The Income Tax Exemption for Social Security costs the state from 84 
> million in the first year to 99.5 million in the 4tth year
>          This mainly benefits middle to high income seniors
>
> The Child Tax Credit that goes to families with children doesn't go 
> into effect until the second year & then costs the state about 75 
> million a year
>           I actually heard a legislator say they had to reduce it 
> because of the fiscal impact
>
> Conclusion - our Legislature cares more about middle to high income 
> seniors than they do about families with children.
> Maybe because old folks like me vote in greater numbers.
>
> Dick Mason
>
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-- 
Jane A. Asche, Ed.D., Email: janeasche at comcast.net, Cell: 575-649-8154
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