As for estate taxes, the rates will rise from 35 percent to 40 percent for estates valued at over $5 million dollars, however the Republicans did succeed in building in a provision which allows the amount of the exemption (currently five million dollars) to be indexed to the rate of inflation. [emphasis mine]Because we have to make sure the spawn of our millionaires aren't paying more than they might owe due to inflation: that would be horrible!
Of course, middle-class retirees will have to take one for the team:
There you go: millionaire rug-rats will get their exemption for estate taxes indexed to inflation. But cops and firefighters and teachers must surrender that indexing on their pensions, to which they were forced to contribute.In a victory for Gov. Chris Christie’s pension revisions, a Superior Court judge has ruled that about 800,000 retired public employees are not entitled to increases based on the cost of living.The ruling by Superior Court Judge Douglas Hurd in Mercer County affects all current and future retirees in pension systems funded by the state, including state workers and judges as well as local police, firefighters and teachers.The pension law the governor signed last June says current and future retirees will not get any cost of living adjustments — better known as COLAS — until the pension funds become stable, which is not expected until at least 2040.[...]"Its impact is not only on these existing retirees... but also on a huge number of future employees," said David Fox, an attorney representing the Probation Association of New Jersey, the Newark Firemen’s Union and other unions,Fox said one of his clients, a retired Newark firefighter, was collecting a pension of nearly $23,000 when he ended his career with the department about 25 years ago. With cost-of-living adjustments, the retiree now collects nearly $48,000 annually. [emphasis mine]
Welcome to America, ladies and gentlemen! A country where we make sure to look out for the interests of sperm lottery winners like Paris Hilton. But retired public employees who spent their careers running into burning buildings?
Suck it, leeches!
America speaks! Inflation adjustments for her...
but not for them.
Yep.
Yes, I am told that I am a greedy, selfish moocher and how dare I even think about getting a COLA on my "over generous" pension. This year's pension payment will increase by $5 a month (how did that happen). Before the Christie drone attack, the COLA increase was between $30-$40 a month. In other words, whatever I am getting now is what I will be getting when my molecules scatter to the 4 winds, assuming that Christie doesn't blow up the whole pension fund before that time. My CD savings accounts have been devastated by interest rates like 45%, .90%, 1.01%.
ReplyDeleteWhoops, I meant .45%. When will I ever see interest rates like 5% on a CD or even a money market account?
ReplyDelete