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Wednesday, May 21, 2014

“Do as I say, not as I do”

-The O’Malley-Brown message to Private Pension Retirees
by Delegate Mike McDermott
I’m sure that I am not the only one who finds irony in the O’Malley-Brown administration heralding a new “Task Force” to help protect private sector retirement money.  This should send chills down the spine of the private sector. It reminds of when President Ronald Reagan said, "The nine most terrifying words in the English language are: 'I'm from the government and I'm here to help.'"
Perhaps the first “Task Force” we should have is one that would study how the State of Maryland plans to repay the $1.3 billion dollars that they are taking from the teacher’s pensions over the next five years. It would also be nice for this group to study how Maryland plans to cover a $37.5 billion dollar unfunded pension/benefit liability in the years to come.
Quite frankly, it’s terrifying to think that Lt. Governor Brown is involved in this at any level following his dismal management of Maryland’s version of Obamacare. One might expect that the prudent choice would be someone from the private sector to head up this brain trust, but that’s just not the way things shake out in Annapolis. So they dust the cobwebs off former Lt. Governor Kathleen Kennedy-Townsend and trot her out for a spin. These decisions do not engender “optimism”.
Well, here are some simple things this administration, and those that follow, can do to “help” the private sector when it comes to them saving for retirement:
·     ?    Reduce the tax burden on our corporations and businesses. Good things happen when companies retain greater earnings: they expand; and they invest in their people. A prosperous, growing company can be an employee’s best answer to a secure retirement.
·    ?     Let Marylanders keep more of their own money. Cut income taxes across the board by 10% and allow them to invest in their own futures. Families with increased discretionary income can better prepare for the future needs of their children as well as their latter years.
·   ?       Provide direct incentives to companies who create matching fund retirement accounts of up to a 5% match of the employee’s contribution.
·   ?      Exempt all contributions to an individual’s retirement account from ever being subject to Maryland taxes, including the capital gains associated with the investment account.
·   ?      Eliminate all inheritance taxes and estate taxes.  
All in all, we just need Maryland to become a more business friendly state. A robust economy is an elixir for many ills and future retirement needs. We would also do ourselves a favor by exempting retirement income from the State income tax. This would allow our seniors to age in place and would make Maryland a friendlier climate for many retirees looking for a favorable place to park their money.
All of these things have been recommended by the Republican’s in the General Assembly. Many bills have been introduced that would accomplish much of what I have proposed, yet little meaningful action is taken by the Democratic leadership to address these challenges.
If we are going to do something to help private sector retirees we must lead by example; and the model we are displaying is a choice between piracy and passing the buck. Beware private pensioners!…I see the dome of the capitol on the horizon and she has hoisted the Jolly Roger!!!

8 comments:

Anonymous said...

Thank GOD for Mike McDermott.

Anonymous said...

Thank you for telling it like is, not what we heard at the retired teacher's luncheon meeting in Salisbury.

Anonymous said...

It's an election year. Don't be fooled. Politicians are always saying thing the people want to hear. Be very careful who you vote for. Can he really do those things without obstacles. If he can, he got the votes.

Anonymous said...

One of the best pieces I have ever read from someone in elected office.

Whether or not you agree with every idea he advanced here, one thing rings so true:

Get your own damn house in order before you start telling us outside of government how to run our businesses!

All government winds up telling us is how to run them into the ground!

Anonymous said...

Unfortunately, the Republic of Maryland will be strapped with high taxes and intrusive state government because of the libratards who live in this state... It is a nice thought and refreshing to hear that someone has a thought... but nothing will change in this state unless we can annex Baltimore City, and PG and Montgomery counties.

Anonymous said...

This is why the latest poll indicates that 50% of Marylander's want to move out of Maryland. Not a business friendly state, nor shows any real potential of attracting industry to the area. Only people who want to stay are those receiving public assistance. We hand out rather then providing a hand up.

Unknown said...

Thank you, Mike, and keep up the good work. You know, of course, that you are the only "real representative" we have because of your feedback and reception of our feelings.

That's an honorable position to be in, and we thank you for creating it.

Anonymous said...

more food stamps, more food stamps, .......