Tax on retirement income won't solve state's problems, Cameron says
The state of Illinois has been short on money in the past few years, and recently, a Chicago-based think tank suggested that taxing retirement income could bring the state an extra $2.7 billion in revenue if taxed at the same 4.95 percent rate that wage income is taxed.
Craig Cameron, a Chicago Republican seeking to unseat U.S. Rep. Danny Davis (D-Chicago) in 7th Congressional District, however, loathes the idea put forth by the Civic Federation in an Illinois News Network article, and said that it is this sort of thinking that continues to dig Illinois deeper into debt.
"We don't tax savings accounts, but we should tax any interest made on savings," Cameron told West Cook News.
But even if the state does begin to tax interest on retirement income, Cameron believes that the solution will be temporary at best.
"It won't help that much because we spend too much money in this state, and until we fix our pension crisis in this state, we will still have problems," Cameron said.
The 7th Congressional District includes all or parts of Bellwood, Chicago, Forest Park, Oak Park, Maywood and Westchester.