5 states weighing big tax breaks for retirees

April 11, 2015 10:00 AM

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Some states are looking to make life a bit easier for retirees by expanding tax breaks on pensions, Social Security, and other types of retirement income. Currently, lawmakers in five states are considering proposals that will exempt a large portion of elderly citizens' income from income tax, according to a report by the think tank Citizens for Tax Justice (CTJ).

Retirees already get a few tax breaks from the federal government. Taxpayers over age 65 can claim a standard deduction that's $1,200 higher than the one for younger taxpayers. Between 15% and 100% of Social Security income is also exempt from federal tax, depending on a person's total income. But i...

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