Chained CPI Is a Cut in Social Security Benefits and ‘Stealth’ Tax Hike

Beware the “chained” CPI.As Republicans in Congress take a hard line in the sand against higher tax rates for millionaires and billionaires, they are demanding a Social Security benefit cut through a lower Cost of Living Adjustments COLAs. The lower COLA would result from the adoption of a new formula for calculating COLAs called “Chained CPI.”The Center for Economic and Policy Research CEPR points out this is not only a benefit cut on already modest Social Security benefits, but also a stealth tax increase on working people, especially middle- and lower-income families.

via Chained CPI Is a Cut in Social Security Benefits and ‘Stealth’ Tax Hike.

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