Dan Caplinger at The Motley Fool writes that the income threshold which triggers taxes on Social Security benefits has not been “indexed for inflation.”
In the 1980s, when the tax threshold rules were put in place, “only a small number of people” were affected. Caplinger writes that, today, due to inflation “more and more people have had to pay taxes on their benefits.”
Unfortunately, a direct fix “probably won’t happen,” according to Caplinger.
However, The Social Security Expansion Act, could potentially help offset the impact of taxes on benefits. If passed, this legislation will guarantee seniors’ benefits keep up with their needs. It will provide a $65 a month benefits boost, an improved COLA, and increased minimum benefits. This will means seniors are better compensated each year.
Please, join The Seniors Trust as we work to pass The Social Security Expansion Act. Please, sign our petition which urges Congress to pass The Social Security Expansion Act to ensure seniors have the financial security they deserve.