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I wonder how much of the taxes that go to schools are used for pensions. I hear people talk about buildings and kids with extra needs, but I suspect the high level of school tax has more to do with pensions.
In general, I'll take my chances in a state (NH) that has no income tax, no sales tax, no death tax & no capital gains tax....it's not for everyone, but for most people, it resonates.
I wonder how much of the taxes that go to schools are used for pensions. I hear people talk about buildings and kids with extra needs, but I suspect the high level of school tax has more to do with pensions.
The largest line item on any school budget is salary/pensions. Do away with pensions and put everyone on their own 401k like most in the U.S.
The largest line item on any school budget is salary/pensions. Do away with pensions and put everyone on their own 401k like most in the U.S.
For any business, not just schools, the pension expense is mainly due to an underfunded pension program for prior employees. Putting current employees on a 401K plan isn't going to help the current budget very much, although it will help future budgets. Part of the problem is also that in many places, teachers unions are very resistant to giving up pensions for 401K's, even with some matching by the school district.
In general, I'll take my chances in a state (NH) that has no income tax, no sales tax, no death tax & no capital gains tax....it's not for everyone, but for most people, it resonates.
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