My recent letter to the editor, “Stop Taxing Nana’s Social Security,” noted income thresholds for Social Security taxation had not been adjusted for inflation in the 30 years since their inception, allowing Congress to effectively cut Social Security benefits for half of benefit recipients, stealthily, without necessitating a politically hazardous Act of Congress.
Next year more recipients will have their benefits taxed for the first time and more recipients previously taxed will pay increased tax. Concerned senior citizens have posed two questions:
1. What should the new thresholds be?
2. Who in Congress should I contact to advocate for indexed thresholds?
Thresholds should at least double, per the Minneapolis Federal Reserve Bank’s inflation calculator and evolving 2022 inflation. Starting point for new thresholds:
Single recipient: $50,000 (50%), $68,000 (85%).
Married filing jointly: $64,000 (50%), $88,000 (85%).
In subsequent years, government’s Consumer Price Index should be used to determine threshold increases (indexing for inflation).
Contacts in House Subcommittee for Social Security:
Chair: John Larson (D), Phone: 202-225-2265.
(John was raised in a federal housing project.)
Ranking Member: Tom Reed (R) Phone: 202-225-3161.
(Tom was raised by single mom on a Social Security check. Youngest of 12 children, his father, a decorated career military officer, died when Tom was 2.)
Local Rep. Mike Garcia (R) has an SCV office, 661-568-4856.
Voters, it’s an election year. Demand indexed thresholds. Do it for Nana!