Washington State University President Sam Smith is joining protests against tax law changes that could reduce the benefits of retired professors.
A massive tax bill being written in Congress would end the traditional tax exemption enjoyed by the private pension fund that invests money for the retirement of 2 million university professors, including those at WSU.
The bill’s $135 billion in tax cuts are achieved in part by closing $50 billion of tax loopholes, including the professors’ pension plan exemption.
If the Teachers Insurance and Annuity Association College Retirement Equities Fund had to pay taxes on its pension business, the fund would have less money to distribute to retired professors.
Taxing retirement savings for professors, while other employees’ pension plans are protected, is unfair, Smith wrote in a letter to Washington state’s congressional delegation. , DataTimes
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