Outgoing Mayor Rahm Emanuel is the latest supporter of a retirement income tax. A look at the potential impact on Illinois, Chicago – and seniors.
A proposal from the Department of Labor would hold retirement advisers to what's called a "fiduciary" standard. The goal is to protect investors from advisers with a conflict of interest, but financial companies say the change will be costly and could keep many people from getting retirement advice at all. We'll take a closer look at the proposal.
Just weeks before Gov. Pat Quinn is set to make his budget address, government watchdog group The Civic Federation releases a proposal it says will balance the state’s budget. The plan would pay down the state’s backlog, but would impose a tax on pension and social security income. Civic Federation President Laurence Msall and State Director for AARP Illinois Bob Gallo discuss how the proposal could affect retirees. Read the full report.