$200 raise for Social Security. Is it arriving this month? That’s a great question and exactly what I’m going to be focusing on right here in the topic. So let’s get right into it. All right, now, this is a really important and great question that I continue to see showing up down in the comments section from those of you right here in the community reaching out, saying I didn’t receive my extra $200 this month.
When is it going to be arriving? Is it starting next month? Is it starting this month? Or when am I going to get the extra $200? That’s a great question and exactly what I want to focus on for you right here in the topic.
So let’s get into it and discuss all the details. And so I can keep you updated each and every day during this very busy time as information continues to change very rapidly. As we continue to get all these new announcements out of the administration. The President. Lawmakers. Congress. And anything in regards to all these new bills Packages Proposals New pieces of legislation Reform to these very important benefits. As well as anything regarding money Benefits Raises. The benefits Checks Programs And anything else that may be popping up right now that you can get your hands on as things are changing so incredibly fast.
All right, thanks again. Let’s jump into it and discuss all the details and everything you need to know about this $200 per month raise. All right, so here’s what it comes down to. A couple of months ago, we got this new bill that was introduced in the Senate by Bernie Sanders, Elizabeth Warren, and a handful of other Democratic senators. The whole piece of this legislation also encompassed a $200 per month raise for Social Security beneficiaries, which, by the way, this piece of legislation is called the Social Security Expansion Act. If you want to look it up, by all means, that’s the name. You’re welcome to look it up if you’d like to, but this piece of legislation does have a few different elements within it.
Number one, like I said, they do want to raise benefits by $200 per month or $2,400 per year. At the same time, they also want to increase the solvency of the Social Security program all the way out until 2096 for another 74 years from right now. That would be a pretty massive change to Social Security. How do they want to do this? Well, they actually want to raise the limits on how much tax is collected from higher-income individuals.
So as of right now, in 2022, everybody pays Social Security tax on up to $147,000 of their earnings. Any income above that is not taxable by Social Security. However, what Bernie Sanders, Elizabeth Warren, and the other Democratic senators want to do is reimplement that Social Security tax after $250,000. It would kind of be like a doughnut hole effect. So basically, you pay taxes up to 147, and then there’s a donut hole where you don’t pay any taxes from 147 to 250, and then from 250, it kicks in once again, all the way up on any income over $250,000 is yet again taxable by Social Security.
So that’s how they would actually offset this and get the money that they would need to implement a $200 per month raise or $2,400 raise to monthly benefits for Social Security beneficiaries. So I hope that explains it to better understand the situation and what they want to do with the Social Security Expansion Act, again, the name of the bill that they introduced. All right, so some of you have been reaching out down in the comments section saying, I didn’t get my raise. Where’s my $200? I didn’t get it this month.
I didn’t get it last month. When am I going to get it? Is it going to be starting next month? When am I going to get this extra $200 raise? All right, let me talk about all the details about this and where we currently stand with this piece of legislation and all the details that you need to know.
Again, before I mention this, please remember I am the messenger. I am not the person in Congress. I am not in control of all this. I do not have virtually any say on all of this, even though it sure would be nice if I did, but I don’t unfortunately, it’s all in the hands of lawmakers, all the lawmakers that came up with this, as well as the other hundreds of lawmakers that would need to vote on this package in order to actually get it passed through. So as of right now, this piece of legislation has not been passed yet.
Okay? It has not been voted on in the Senate. It has not been voted on in the House. It has been introduced in the Senate. But that’s it.
It has not been brought up for any other details other than that they have not voted on it. They have not done anything with it. Well, I think we all know the legislative process at this point. They need to pass it through the House of Representatives, they need to pass it through the Senate, and need to get it signed by the President in order to turn it into law and ultimately get those provisions implemented into law and actually have that money start going out the door. As of right now, we’re a few steps away from getting that done.
So I want to make it very clear this money is not going to be arriving this month and next month, no, it’s probably not going to arrive either, simply because it’s going to take a little bit longer than that for Congress to even get this through. If they were to start working on this yet again right now, today, it probably take at least another month or longer for them to even get this through the legislative process and to get it passed. As of right now, with my knowledge on the topic. And again, maybe they’re doing things behind the scenes that we don’t know about as of right now, it looks like they are not moving forward with it at the moment. Again, that’s just at the moment.
Will they do something at some point in the future? Possibly. I don’t really know what Congress is going to do, but as of right now, the Social Security Expansion Act, which again contains the $200 per month raise, is not working its way through Congress at the given moment. So again, please don’t be upset with me. I’m just simply telling you the details and what is going on with this right now and where we currently stand with the Social Security Expansion Act from this group of lawmakers.
So these are the details that we know as of right now. So again, I’m not sure if there are other sources out there right now saying that, yes, it’s arriving this month or it’s arriving next month. It’s not. Again, according to my knowledge on the topic and the research that I’ve done on all this, again, many of you that have been reading the topics on the site for any length of time now, you know my detail into all of this information. I do extensive research on all this stuff.
And according to my knowledge on the topic, there is not any plans to get this bill passed anytime soon. Now, again, could that be changing sometime soon? By all means, yeah. At any given point, they could come forward and they could work their way through Congress. But again.
At this point. Right now. It’s not doing that exactly as a result of that. Because the $200 per month raise is embedded within the Social Security Expansion Act. The $200 is not going to be coming out until they actually pass this piece of legislation.
Or if they possibly pass it through in a standalone bill or possibly in a different iteration of the bill. Whatever it happens to be. Then Yeah At that point That’s when we can talk about it and discuss maybe when that money might arrive. But as of right now, it’s unfortunately not going to be arriving as of right now. Again, at some point maybe it will, but as of right now, it’s not. Which, by the way, just for a quick clarification on this, this is not the same bill or the same piece of legislation that was introduced back in early 2020 when we had that small group of Senate Democrats who came forward introducing a $200 temporary raise for Beneficiaries. Remember that one?
It was Chuck Schumer, Elizabeth Warren and Ron Wyden that came out in early 2020. Actually, it was in late March when they came out and they introduced that bill to implement a temporary $200 per month raise from early 2020 until through the end of 2021. Do you remember that one? Yeah. This is not the same bill.
That one is gone, and at this point, it’s probably not coming back. However, like I’ve said for a while now, unless they bring it back in a separate piece of legislation, which is exactly what Bernie Sanders, Elizabeth Warren, and the other Democratic senators did, until we actually see this some action on this thing, it’s just unfortunately not going to be coming right now. So anyway, I hope that gives you a better perspective on what’s going on right now, the likelihood of this thing coming, and if there’s going to be any $200 this month, next month, or at any month going forward in the future, it could still happen. I’m not saying that it’s not going to. I’m just simply saying it’s not going to be this month, and it’s probably not going to be next month unless Congress, for some reason works very quickly on this, which I don’t really give them any credit for.
Let’s just be real with ourselves right now. Fast and Congress do not go in the same sentence. Those two words do not go together, right? I think all of us know this by now, right? Those two words simply do not belong in the same sentence.
Anyway, I hope this gives you a better perspective on what’s going on right now. Again, I’m here for you in any way that I possibly can be to bring you all the updates and to shake out all the latest details on anything going on right now, including the new bills, the packages, the raises, the benefits, the checks, anything else like this. I’m here for you to break it all down into these short topics so you can stay updated with all of the honest, accurate, reliable, and transparent information that I bring you here on these topics every single day.
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