Thursday, June 23, 2011

Study: $1400 Tax Hike Needed to Fund US Pensions

Study: $1400 Tax Hike Needed to Fund US Pensions...U.S. state and local governments will need to raise taxes by $1,398 per household every year for the next 30 years if they are to fully fund their pension systems, a study released on Wednesday said.
The study, co-authored by Joshua Rauh of Northwestern University and Robert Novy-Marx of the University of Rochester, both of whom are finance professors, argues that states will have to cut services OR raise taxes to make up funding gaps if promises made to municipal employees are to be honored..

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