The pension debate — Wall Street and taxes

As Newsday stated ["Big pension bills to pay," Editorial, March 6], the reason we face a 40 percent increase in pension costs is "primarily a result of stock market losses from the financial crisis of 2007 and 2008." Thanks to the high-stakes gambling which sunk the nation's economy while lining the pockets of the Wall Street elite, we are now on the hook for $1.2 billion.

If Wall Street were to sacrifice its bonuses for one year, we could fund the pension system for the next 20 years.

We endlessly criticize each other in the opinion pages of this newspaper over our chosen professions, yet bankers who contribute little to the greater good of society get to go home with bonuses which are more than any of us will see in our lifetimes.

Michael DeMarco, Rockville Centre

Perhaps the biggest slap in the face to taxpayers is the fact that state retired workers do not pay state income taxes on their pensions. How ridiculous is this? Why not propose a change to the state's constitution that would, at a minimum, require all retired workers to pay? And let's also cap a pension at a percentage of the average of a worker's last five years' base salary.

Edward J. Borella, Aquebogue

I recently did the tax return of a retiring New York City educator who earned a gross salary of $100,000 while working. This person's pension would roughly be about 75 percent of the salary paid, about $75,000. This person will no longer pay in Social Security, Medicare and state income tax on this money, making this pension worth almost $91,000. It's time the public took back control of these pensions and our elected officials moved swiftly in this direction.

Michael C. Lefkowitz, East Meadow

Do all those politicians who are going after pensioners realize what will happen if they somehow get what they want?

What do they think those on public pensions do with that income? We spend it keeping our homes, families and our lives going.

Cut the pensions and many of us lose our homes. If you think that there is a foreclosure crisis now, cut the pensions and see what happens.

The politicians who advocate this are in reality, killing the goose. They should be voted out before they can push for more mischief.

Jay Becker, Syossett