The Social Security Expansion Act, recently passed by Congress, is a far-reaching piece of legislation that has the potential to significantly impact men’s social security benefits, as well as their payroll taxes.
This act could also have an effect on the possibility of a fourth stimulus check being issued. In this article, we will take a look at the details of the expansion act, its potential impacts, and what it could mean for low-income men.
What Does the Social Security Expansion Act Mean for You?
raise benefits by $200…
Lawmakers in the United States House of Representatives and the Senate are feeling the pressure to deliver more targeted COVID-19 relief measures as the nation faces a surge in new coronavirus cases and hospitalizations.
Last week a group of Democratic senators led by Bernie Sanders and Elizabeth Warren introduced the Social Security Expansion Act, which would raise monthly benefits by $200 for all Social Security recipients.
The proposed legislation would also make changes to the way cost-of-living adjustments are calculated, ensuring that seniors’ benefits keep pace with inflation. According to estimates from the Congressional Budget Office, the expanded Social Security benefits would cost $65 billion over the next 10 years. The bill’s sponsors say that the additional funding would be offset by making changes to the tax code, such as eliminating loopholes that allow wealthy Americans to avoid paying taxes on their investment income.
With time running out before the end of the year and negotiations on a fourth stimulus package at an impasse, it remains to be seen whether lawmakers will act on this latest proposal. However, with millions of Americans struggling to make ends meet during the pandemic, it is clear that there is strong public support for additional economic relief measures.
much needed assistance…
If the proposed bill is passed, payroll taxes will be increased in order to fund the increase in Fourth Stimulus Check benefits. The move has been criticized by many, who argue that the tax hike will hit workers hard at a time when they can least afford it.
However, proponents of the bill point out that the Fourth Stimulus Check will provide much-needed financial assistance to millions of Americans who are struggling in the wake of the pandemic. They argue that the tax increase is necessary in order to ensure that the Fourth Stimulus Check is fully funded and that its benefits are not cut in future rounds of negotiations. With the future of the Fourth Stimulus Check hanging in the balance, it remains to be seen whether or not this bill will pass.
$2,000 stimulus checks…
The Fourth Stimulus Check is not yet approved. However, if it is approved, it will be a separate piece of legislation from the Social Security Expansion Act and will not impact other fixed-income benefits. The Social Security Expansion Act is designed to increase benefits for retirees and other fixed-income Americans.
The Fourth Stimulus Check, if approved, would provide American families with an additional $2,000. While the Fourth Stimulus Check would not impact the Social Security Expansion Act, it would provide American families with much-needed relief during these difficult times.
Social Security Recipients Finally Getting a Raise!
The Details of the Expansion Act
The expansion act includes a range of provisions that are expected to benefit retirees, disabled individuals, and survivors. For starters, it would increase Social Security benefits for all current and future beneficiaries by approximately 1.3%. Additionally, it would increase payroll taxes on high earners and expand eligibility for spousal benefits.
Who Is Eligible for the Increase in Benefits?
The Social Security Expansion Act applies to all current and future beneficiaries, regardless of age or income level, with some exceptions.
Those who are eligible include retired workers, persons receiving disability benefits under Supplemental Security Income (SSI). Also includes survivors of deceased workers, certain veterans receiving disability compensation from Veterans Affairs (VA). And includes other individuals who receive SSI payments due to blindness or another disability.
How Much Will Benefits Increase by Under the Expansion Act?
The provision increasing Social Security benefits is estimated to provide about $4 billion per year in additional benefits over 10 years. Specifically, it would raise monthly Social Security payments by about $15-$20 per month for most retirees. However those who are married may see higher increases if their spouse is also receiving benefits.
Potential Impact of a Fourth Stimulus Check
As part of the Social Security Expansion Act there has been speculation that a fourth stimulus check could be issued as early as 2023. However, this remains unclear since President Biden has not yet signed off on such a proposal.
If it were to happen though, it could potentially affect other social security benefits such as Supplemental Security Income (SSI) payments or even unemployment insurance (UI). It is also possible that low-income families could receive additional assistance through this proposed fourth stimulus check if they meet certain criteria such as having dependents or being unemployed due to COVID-19.
SSDI, SSI, and Low Income Beneficiaries to Receive $2,200 Stimulus Checks!
The passage of the Social Security Expansion Act was an important step forward in providing much needed financial relief to Americans across the country during these uncertain times. While there still remains much uncertainty surrounding how exactly this new law will impact social security benefits and payroll taxes. Including whether or not a fourth stimulus check will be issued. One thing is clear…
Low-income men should remain informed about any changes so that they can best advocate for themselves and their families during this time of economic hardship. With continued advocacy efforts from both public officials and everyday citizens alike, hopefully positive change can be achieved in terms of protecting vital social security programs that help so many Americans stay afloat during difficult times like these.