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The Unwanted Side Effect of the 2023 Social Security COLA

Keith Speights covers the so-called “COLA Hangover” facing may seniors this tax season. The 2023 cost of living adjustment was 8.7%, and while welcomed then to offset rising prices, it is creating tax havoc on many now. The thresholds for income tax have never been adjusted for inflation, and thus remain as they were in the last change in 1993. As a result, more people are ensnared by federal income tax on benefits each and every year. Full article here.

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