April 7, 2011 | Filed Under Budget, Chicago, Children, Democrats/Leftists, Economy/Finances, Government, Illinois, Illinois State Government, Liberals, Public Employees Unions, Taxes, Teachers Unions, Unions, Warner Todd Huston | 1 Comment
-By Larry Snow
Illinois teachers qualify for a full 75 percent pension after working only 27 years. Most adults work for 27 years before they turn age 50.
Democrats want retail and construction workers to think that the majority of Illinois teachers are seriously paying into their pensions. The truth is, ordinary workers are made to do this for them, big time.
First, teachers have no Social Security taken out of their paychecks. Ordinary workers get hit with a 6.2 percent deduction for Social Security. It’s a deduction they have to pay federal and state income taxes on. Democrats gave teachers a huge loophole of not paying income taxes on any of their pension deductions. This enormous no-tax handout to teachers amounts to billions of dollars each year.
Over 51,000 of the total 132,502 teachers in Illinois contribute nothing from their K-12 paychecks into their pensions. Illinois law says it is to be 9.4 percent.
About an additional 32,000 teachers pay little into their pensions. It is 1.81 percent to be precise for these 31,956 teachers. Paying less than 2 percent is little unless you want to bamboozle ordinary working people into thinking the opposite…
Read the rest at ChampionNews.net.
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