New Act Introduced To Make Retirement Easier On MN Seniors
ST. PAUL -- Senator John Pederson (R-St. Cloud) says an act introduced earlier this week would make it easier for seniors to stay in Minnesota and enjoy their retirement.
Rising costs for property taxes, bills, and health care - Pederson says - makes it difficult on retired senior citizens trying to get by on social security income.
Pederson says an act introduced earlier this week would make it easier for seniors to stay in Minnesota and enjoy their retirement.
The "Retire In Minnesota Act" (RIMA) was introduced on Tuesday and Republicans in the Minnesota State Senate say it is one of their top priorities. The act is seeking to phase out taxes on social security income by 10 percent each year over the course of 10 years.
The proposed act is projected to provide about $400 million in tax relief each year.
Pederson describes the current system as an "injustice" and says it's unfair that senior citizens are taxed twice - once when they pay in, and again when they receive the benefit later in life.
Minnesota is one of seven states currently employing this type of system.
Pederson estimates nearly 650,000 Minnesotans and 70 percent of Minnesota retirees will be helped by the proposed act.