OLDER CITIZENS
It is of
vital importance that we retain the benefit of the wisdom and
experience of our older citizens
in our communities. Our current taxes
on pension income have the effect
of encouraging our valued seniors to
leave Delaware in favor of
Pennsylvania, Florida, and other states which
do not tax pensions.
I have
been the sponsor and co-sponsor of several bills which have been
enacted to increase the deduction
of pension income from Delaware income
tax. Currently the first $12,500 of annual pension income ($25,000 in
the case
of a couple with each receiving a
pension) is not taxable.
We must
continue to reduce our tax on pension income so that we reduce
the economic incentives upon our
older citizens to leave their homes and
the families that need their
experience and influence in their lives.