Here is a new twist, seniors need more money in the form of a $1,400 stimulus check because the high 2022 COLA put them in a higher tax bracket. 🤔
Fact is that during the pandemic seniors in general have seen their assets increase in value while spending declined. Certainly the vast majority of seniors do not need a stimulus check. The broad assumptions about seniors are not valid.
The 2022 cost-of-living adjustment (COLA) has increased the highest amount in four decades, pushing many seniors into a higher tax bracket. Therefore, the stimulus check is expected to help offset the additional costs.
Since 2001, “COLAs have increased Social Security benefits by 55%,” affecting seniors because overall costs exceed the increase with the COLA, as evidenced by the fact that housing and healthcare costs increased by 118% and 145%, respectively.
“We’ve heard from thousands of them [seniors] who have exhausted their retirement savings,” said TSCL Chairman, Rick Delaney. “Many have written to us that ‘our government has forgotten about us’.
A $1,400.00 stimulus check, for Social Security recipients could be a way to get extra non-taxable income to them.” Over 95,000 people have signed a petition from TSCL about this $1,400 check for SS beneficiaries, so pressure is growing.
Then we have this other extreme. Imagine paying taxes for only those things you want at the moment.
Politicians like Sanders, Warren, Jayapal and others constantly Tweet about the free stuff we deserve. They cover all the wants of children to seniors. But other than increasing taxes on the wealthy, they never mention paying for the things we deserve.
They never tell the full story or the truth, they are too busy creating envy and division among Americans.