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120
Points

Tax cut for seniors

Seniors, who have seen their pensions and retirement accounts diminish due to the greed and corruption within our major financial institutions, will not benefit from the proposed $500 tax cut for individuals.  Many seniors are finding they now have to re-enter the work force rather to survive.  You can imagine how difficult it is for people 62+ to find work, but it’s next to impossible in a severe recession.  Consider increasing social security benefits by $40 a month starting in 2010 (in addition to the normal yearly increase). 
2 Comments  »  Posted by Janny Z to Economy on 1/13/2009 4:27 PM

Comments
 
crsone
1/13/2009 4:37 PM
Please remember that not all of us senior citizens have Social Security checks -- some of us have government pensions as, when we worked, government workers mostly didn't pay into Social Security.  If there are proposals to bring help the embattled middle-class seniors, please make sure they include Federal pensions as well as Social Security.  

And perhaps something could be done about taxes for this year and the next for those middle class seniors whose income includes withdrawals from IRAs or from other sorts of savings of whatever sort.  And not just for those with incomes up to $50K.  If help is coming to those still working and earning less than $200K, I don't see why help can't come for those retired and earning less that $75 or even $100K, particularly in light of what has happened to our stocks, mutual funds, etc.
 
judibel
1/13/2009 5:33 PM
This is an area where reform needs to be intelligently applied, not just painted on like iodine on a cut.  DEFINITELY, seniors need more help with their reliance on pensions and social security payments.  Please apply graduated assistance by reducing tax obligation.
WHY IS SOCIAL SECURITY TAXED AT ALL?
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