From the Michigan State Constitution:
§ 24 Public pension plans and retirement systems, obligation.
Sec. 24.
The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof which shall not be diminished or impaired thereby.
Financial benefits arising on account of service rendered in each fiscal year shall be funded during that year and such funding shall not be used for financing unfunded accrued liabilities.
History: Const. 1963, Art. IX, § 24, Eff. Jan. 1, 1964
OK. So maybe I can read but can't interpret? Seems to me if the State Constitution says that an accrued benefit CANNOT be diminished, doesn't that mean that if you suddenly decide to TAX the benefit, you are diminishing it?
The Detroit New reported today on how the proposal will affect seniors and others. Get this: A middle-income retired couple would see a 356% increase in taxes. And not to just pick on seniors, the proposal would increase taxes for a single parent with low-income and two children by 92%.
It's snowing again outside. Guess what I am thinking.
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