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But their plan to restrict pension contribution relief is misguided.
ALBANY — Presenting what he called "both a budget and a reform plan," Gov. Andrew M. Cuomo on Tuesday asked legislators to demand more rigorous teacher evaluations, to restrict pension benefits for future public employees, and to slightly reduce overall state spending by consolidating the state bureaucracy.
Page A11 New York CUOMO OFFERS BUDGET, AVOIDS DEEP SPENDING CUTS Presenting what he called "both a budget and a reform plan," Gov. Andrew M. Cuomo asked legislators to demand more rigorous teacher evaluations, to restrict pension benefits for future public employees and to slightly reduce overall state spending by trimming the state bureaucracy.
To help pay for some of these tax concessions, the chancellor announced plans to further restrict pension tax relief.
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This would be paid for by taxing bankers' bonuses and restricting pension tax relief for the wealthiest.
A possible clue to the next big overhaul of pensions was the publication on Thursday on the Parliament website of a briefing paper entitled "restricting pension tax relief".
New Jersey, for example, has restricted pension investments to stocks and bonds, but is reviewing its portfolio and whether to hire an independent money manager, as other states do.
Slovakia, a poorer nation than Greece, pulled out of the first bail-out in the summer of 2010 in response to public anger at the prospect of subsidising Mediterranean spendthrifts.In fact, a series of reforms in Greece have restricted pension spending.
"The overall impact of the 50p tax rate will be to raise over £1bn next year from those earning over £150,000, in addition to the revenues from restricting pensions tax relief for these higher earners from 2011".
In the subsequent four years of the Parliament, it says the scheme will be paid for by restricting pensions tax relief for people earning more than £150,000 to the same rate as basic-rate taxpayers, expected to raise about £900m a year.
The decision to restrict new pension rights and more generous childcare support to those earning enough to pay income tax means millions of the lowest paid – mostly women – miss out.
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