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Sunday, November 28, 2021

You Could Qualify For An Extra Stimulus Check: But You Need To Qualify For It

Though the chances of a general stimulus check seem slim at this stage, there’ve been demands recently for a round of payments for recipients of social security. The Senior Citizens’ League has called on lawmakers for an additional round of payment for people on Social Security.

The League members have said that many members are hurting after the pandemic and have been forced to cut back on even the essentials.

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In a statement signed by the Chairman, Richard Delaney, the League has called for recipients of Social Security to be given a special payment that could help them cover expenses if the cost-of-living-adjustment (COLA) puts them in a high tax bracket.

This would lead to higher taxes and increase their medical premium surcharges on Part B.

The Social Security cost of living adjustment is expected to rise significantly at 6% with increasing consumer prices. This projection is way above the moderate 1.3% rise in COLA faced by recipients last year.

Senior Citizens League Asks For A Bigger Stimulus Check Based On Revised Calculations

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The League has also asked Congress for a change in the COLA calculation methods. The CPI is used at present by the administration on Social Security to determine the adjustments for clerical workers and urban wage earners.  

The League has claimed that another price index, namely the CPI for the seniors would be a more accurate reflection of the seniors’ living costs.

With the Democrats set to go for a huge social expenditure package, the tax on wealthy Americans, large corporations, and investors is set to go up. Experts believe that another $800B could be raised through higher taxes.

That would be sufficient to fund a couple of additional stimulus checks at a rate comparable to the amount paid in the third stimulus check.

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