Inflation strikes twice for many retirees

“Spiking inflation is helping push up taxes on a group that lawmakers are loath to cross: the elderly.

While Social Security benefits increase along with rising prices, and seniors just received a fat cost-of-living adjustment, the threshold at which they can begin to owe taxes on that money is not adjusted for inflation — and hasn’t been changed since the Reagan administration.”

https://www.politico.com/news/2022/06/05/inflation-retirees-social-security-00036420

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