Thursday, July 21, 2011

And Don't Forget Their Pensions Are Taxed Now

Senior citizens in Michigan are struggling with poverty, with one-third of them "economically insecure."

That's according to a report from Wayne State University's Institute of Gerontology published Thursday (July 21, 2011) in the Detroit Free Press.

The study found that the median income for those hosueholds with someone 65 and older is $32,392. Matching that with an index that measures the costs of items essential to the elderly, such as health care premiums and prescription drug copayments, the report found many seniors struggling.

Unmentioned, of course, is that on top of all their other bills, many of those seniors now will pay higher taxes, thanks to Rick Snyder's taxes on pensions that paid for tax cuts for businesses. During the debate on that pension tax this spring, the focus was on senior citizens living the good life with fat, untaxed pensions.

Where was this report when we needed it?

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