If the Bush era tax cuts are reversed only for those earning over $400,000 or for those earning more than $1,000,000 at the expense of recipients of Social Security, I hope that at least some of those earning more than $250,000 and less than $400,000 or whatever the final number happens to be, will feel some guilt at retaining their tax breaks. The current way of calculating Social Security’s annual cost of living adjustment is grossly inadequate. To reduce that amount on a technicality by using a chained CPI is an insult and an embarrassment. I have read that President Obama may agree to it as the least bad compromise to be had. If true, I hope that the 2014 election will change Congress enough to allow a more equitable calculation of future Social Security cost of living adjustments.
- GOP ‘fiscal cliff’ plan echoes failed budget talks (news.yahoo.com)
- Digging Deeper on Changes to the Social Security COLA (aarp.org)