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January 11, 2005

Bush Hikes Tax on Pensions 50%

Having helped encourage the bankrupty of multiple airlines and their pension funds, thereby dumping their liabilities on the government Pension Benefit Guarantee Corporation, the Bush administration has now proposed to hike annual mandatory premiums to deal with the Bush-created $23.3 billion deficit in the fund. The proposal is also to hike the premiums even more on companies with low credit ratings-- a fiscally reasonable move but one that will just further encourage such companies to dump their pensions as a cost-saving move.

Posted by Nathan at January 11, 2005 06:01 AM