Newly-elected State Representative Ben McGorty (R-122) unveiled a plan to exempt Social Security pension benefits from the state income tax. Under current law, those receiving Social Security benefits who make more than $50,000 if single and $60,000 if married are taxed for 25% of their total receipts.
“The high cost of living in Connecticut is one of the chief reasons people are fleeing our state, and our tax policies are especially punishing for those who wish to retire,” said McGorty. “It’s time to reverse the policies which have made our state inhospitable to those who wish to live out their golden years in the same state they raised their families and lived their lives. This measure is a good start.”
McGorty pointed to a poll conducted by Gallup this past spring that showed 49% of state residents wanting to leave Connecticut citing high taxes. He also noted numerous polls that have shown Connecticut as one of the least-preferred states in the U.S. for retirement.
“Like many of the policies Connecticut has championed under Democratic leadership, this tax punishes those who have earned a happy retirement and are almost all on a fixed income,” said McGorty. “One of the measures of success for our state should be that people who have spent their lives here shouldn’t feel like they are being forced out just to make sure they keep what they have spent their whole lives earning. Let’s stop punishing our seniors.”
McGorty, who has made the reduction of state spending a centerpiece of his campaign, said that elimination of unnecessary middle management in state government with redundant responsibilities would more than compensate for the roughly $21 million per year the state takes in from taxing Social Security income.
“For too long the state has increased the spending of tax dollars that residents have had to tighten their belts to afford,” said McGorty. “It’s time to give seniors and taxpayers some breathing room by expecting government to live within its means.”