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    Saturday, May 18, 2024

    Conn. tax policy still hurts retirees

    I applaud the special income tax exemptions for retired veterans and teachers who went in harm’s way for me and who unselfishly educated my children. They deserve a break in their retirement days. 

    Unfortunately, tax benefits for all Connecticut retirees vary widely, ranging from 100 percent unlimited exemptions for some and a laughable $200 deduction for others. 

    Military pensions are now 100 percent exempt for all ranks including Flag retirees. 

    Teacher pensions are currently 10 percent exempt, to be 50 percent after complete phase-in. This exemption is for all educational retirees including superintendents and university professors. 

    Social Security retirees also are 100 percent exempt but capped at $60,000. Other retirees receive a $200 deduction for paying local property taxes. 

    As a civilian retiree of the Department of Navy, I am eligible for only the $200 property tax deduction. 

    The Republican’s “Blueprint for Prosperity” offered some hope by phasing out the income tax for joint filers on pension income under $100,000. The blueprint became a fantasy when Democrats blocked its discussion during budget deliberations. 

    Tax inequities for retirees will therefore continue as well as Kiplinger’s rating for Connecticut as one of the worst places to retire.

    Mike Gouzie

    Ledyard Ferry