Update: GMRA recognizes that Governor Snyders proposal applies to both private and public pensions, however, the Governor knows that taxing public pensions may require legal intervention and may not be feasible. Repeated attempts for clarification from Governor Snyders office on this issue have gone unanswered, since February 18th.
GMRA Statement Governor Snyder Proposal to Tax Private Sector Pensions It is time for Michigan elected officials to take responsibility for protecting the pensions and benefits of Michigan retirees in a way that is fair and equitable.
As a region with a strong population of automotive sector retirees, who have already absorbed significant economic losses due to contraction of the automotive sector, additional financial stress would be catastrophic and could further delay an economic rebound in the region.
A proposal from Governor Snyder to tax the pensions of private sector retirees, while exempting the pensions of public (state) employees would negatively affect the retirement security of Michigan retirees and the financial stability of Michigan’s economy. |
