It is easy to feel like your head is spinning when trying to follow the constant stream of information coming in concerning proposed bills related to the Coronovirus Relief efforts. We certainly understand that. However, whenever a potential action involves a change in benefits for our clients, our firm watches carefully. We pride ourselves on being on the cusp any of news that could impact our clients so that we are ready to share the changes as soon as they roll out. We serve Vacaville, Fairfield, Vallejo and all surrounding areas so we watch both local news concerning these areas, as well as, the federal and state news.
Today we learned that while lawmakers in Washington are continuing to struggle to reach a consensus as to how to best provide Americans with more relief monies. While the proposed HEROES and HEALS Acts, both aim to tackle widespread financial problems hitting Americans, the bill does not give much thought to retired or disabled Americans. This is where the COVID-19 Correction and Equity Act comes into play. This bill would increase Social Security benefits by 2% for all retirees and the disabled. It would also reduce taxes on Social Security benefits for lower- and middle-class beneficiaries. For those reasons alone, this bill is exciting news!
Now, the question becomes whether or not this bill has a chance at passing. As we all know, Congress is struggling to pass any bill, despite the support that was given to both the HEALS Act and the HEROES Act. However, we think it’s important that the retired and disabled are being considered in the conversation. This consideration means that while the legislation will likely come to some compromise, they will include these Americans in the conversation. Stay tuned.