$1400 – 4th Stimulus Check Update | NOVEMBER 2022 | SSI, SSDI, Social Security, Seniors, VA, RRB
A petition earlier this year to bring a collective voice to members of Congress. The goal is to build enough support from seniors and the public to urge Congress to issue a $1,400.00 stimulus check to help Social Security recipients. This would be a form of non-taxable income so seniors wouldn’t need to worry about their tax burden increasing by being knocked into a higher tax bracket. Besides higher taxes the increase could also bring with it a rise in surcharges to their Medicare Part B premiums, both of which would completely offset any gains. TSCL recognizes that such a proposal is unlikely to get through Congress before the end of the year. However, through the petition TSCL hopes that it will become a major issue in 2022 applying pressure on lawmakers and gaining Congressional support. There had been calls for recurring stimulus checks in the spring but those have all but disappeared. Currently the idea of sending a stimulus check specifically to Social Security recipients hasn’t been mooted by any lawmakers. A one-time check for the more than 64 million Social Security beneficiaries would come with a hefty price tag of nearly $90 billion. Albeit that would be much lower than sending out checks to every American, which looks less likely everyday as the economy improves. However, other measures that could help seniors citizens are afoot. Democratic Representative John Larson, Chairman of the House Ways and Means subcommittee on Social Security, has reintroduced a bill called the Social Security 2100 Act: A Sacred Trust. If this were to pass Social Security benefits would get a boost and implement a new indexing system to more accurately account for inflation. The proposal would also raise thresholds above which recipients’ income including Social Security is taxed.
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