The deeply unpopular WEP and GPO offsets to Social Security look set to go away, after years of unsuccessful attempts to address them.
My mother-in-law sent me a hopeful note this week. Had I seen the U.S. House passage of the Social Security Fairness Act, she wondered? The Social Security Fairness Act passed the House on Nov. 12 by a 327 to 75 vote. It still requires Senate approval and presidential signature. It’s believed to have more than 60 co-sponsors in the Senate , so it should pass. This is going to be a big Christmas present in the form of boosted Social Security payments for about 273,000 Texans , and 2.
Social Security and the WEP — Why pension recipients should care The WEP reduction happens, however, to some of these workers who pay into Social Security through having a side hustle, owning a small business, working in the summers or spending part of their career at a job that does participate in Social Security.
The GPO and how it can cut Social Security benefits How the sausage got made The sponsors of the Social Security Fairness Act — U.S. Reps. Abigail Spanberger, D-Va., and Garret Graves, R-La. — introduced the bill by using a discharge petition, which is an end-around method in Congress that forces a vote by gathering a sufficient number of member signatures. Normally, a discharge petition is a poke in the eye to House leadership and highly frowned upon.
may have been wrong about giving away cash as a better way to combat poverty The simplest way to understand why the WEP exists — as a penalty on Social Security — is because teachers who might earn an extra $14,000 a year during a summer gig would be extraordinarily subsidized by Social Security in their retirement. Like they’d get matched 90 cents on the dollar for their summer earnings. I’m simplifying and using round numbers, but that’s the intuition behind the WEP.
GPO Graves Senate House Government Pension Offset U.S. Congress Texas Legislature TRS House Ways And Means Committee Congressional Budget Office San Antonio Express-News Michael Taylor Ted Cruz Kevin Brady Abigail Spanberger Garret Graves R Texas U.S. Indiana D-Va. La YOLO WEP: Social Security Social Security Texans GPO SA INC. Teachers' Retirement System Social Security System [email protected] | Twitter.Com/Mi Social Security Fairness Act Congressional Research Report No Hill For A Climber The Financial Rules For New College Graduates
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