Taxing the Elderly
I wrote the Congress and the President expressing my displeasure with the myriad of tax increases which are likely to affect me and other senior citizens. In particular, I am talking about increasing the tax on social security benefits from 50% to 85%. Let me give you a example:
A couple with taxable income of $35,800 ($12,000 of which is from social security) would pay $900 tax or 15% on the social security portion.
Increasing the taxable portion of social security from 50% to 85% would put them in the 28% tax bracket (instead of the 15% bracket) and increase the taxes on their social security benefits from $900 to $2,076, or a 131% increase.
This is the most outrageous, discriminating tax ever contemplated on a portion of our society--particularly on a group of citizens who have done everything the country has asked them to do; work hard, save their money, invest and attempt to be financially secure.
I hope someone in the Administration will wake up and correct this terrible inequity before it becomes law.
JOSEPH H. HOFF
Laguna Niguel
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