If you heard the rumor that Social Security would issue a $200 extra payment on top of the $140 COLA payment, unfortunately, that is not true.
However, the rumor is not entirely groundless, which might have been with the introduction of the Social Security Expansion bill in 2022.
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Unfortunately, the rumored $200 extra payment is untrue, as the Social Security Expansion bill did not pass or even make it to a vote in the 117th Congress. (Photo: DW)
Yahoo! Finance reports the bill was co-authored by Senator Bernie Sanders (I-Vt.) and Representative Peter DeFazio (D-Ore.) Among its goal is to apply a 12.4% Social Security payroll tax to all earnings above $250,000 and a monthly increase of $200 in Social Security benefits in addition to the COLA. The bill was referred to several House and Senate committees for discussion, and sadly, it did not pass or even make it to a vote during the Democrat-controlled 117th Congress.
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GOBankingRates said the bill might be reintroduced this year, but has a long way to go as Republicans control the House. It should be noted that Republicans are advocating cutting federal spending and reforming Social Security, among other tax reforms.
Read More: Social Security Cuts: Do Republicans Want to Cut It?
