Press Release - Green Highlights Plan to Eliminate Pension Tax, Protect SeniorCare in Wausau
Green Highlights Plan to Eliminate Pension Tax, Protect SeniorCare in Wausau
Proposals to help ensure seniors remain in Wisconsin after retirement
WAUSAU - Gubernatorial candidate Mark Green was at Riverview Towers Apartments in Wausau Saturday afternoon discussing his plan to improve the quality of life of Wisconsin's seniors by eliminating the tax on most retirement pensions, and extending the state's highly-successful SeniorCare prescription drug program.
"Our senior citizens have helped shape Wisconsin and make it the wonderful state that it is today," Green said. "It's important that we show our gratitude for their contributions by reducing the high taxes that drive them away, and strengthening the programs that help keep them healthy. As governor, I'll make sure our seniors keep more of their hard-earned savings by eliminating the tax on most pensions, and extending the SeniorCare program to protect seniors' access to affordable prescription medications."
Citing Wisconsin's "tax hell status," Green pledged to create a state income tax exemption for pension income up to $20,000 for Wisconsin's senior citizens age 62 and up. Green would phase in the exemption over six years beginning with a $2,500 exemption in 2008. Retirement income includes individual retirement accounts, self-employed plans, tax-sheltered annuities, deferred compensation plans, stock bonus plans, profit-sharing plans, and other income from federally-qualifying retirement plans.
"Thirty-four states now have at least a partial tax exemption for retirement income - including our Midwestern neighbors like Iowa, Illinois and Michigan," Green said. "Unfortunately, because of our high taxes, many seniors feel they have no choice but to leave Wisconsin after retirement, robbing our state of its greatest citizens. It's time we make it affordable for all our residents - young and old - to live, work and stay right here in Wisconsin."
At the federal level, Green helped Governors Thompson and McCallum create Wisconsin's SeniorCare prescription drug program, and later fought for its continuation as an option under Medicare. As governor, Green would work to provide the state and federal funding necessary to preserve SeniorCare for Wisconsin's seniors.
"SeniorCare has helped provide affordable prescription drug coverage to thousands of Wisconsin's seniors," Green said. "I was proud to play an integral role in its creation, and will continue fighting as governor to ensure our seniors can keep taking advantage of this cost-saving program."
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