Congress has of-late passed the Gregarious Ease Fairness Act (SSFA), which provides that, operative presently, all gregarious ease benefits gain be media touchstoneed. Congress has pregnant the Gregarious Ease Administration (SSA) to tool the Act (feign the Act meets the apparent tenet touchstone).
The Act provides the subjoined schedule for media touchstoneing, but allows the SSA to reach litigious granted that “good cause” is shown:
Adjusted Impure Allowance Percentage of Scheduled Benefits to be Paid
0 – 50,000 100%
50,001 – 100,000 75%
100,001 – 150,000 50%
150,001 – 200,000 25%
To tool the SSFA, the SSA issues a canon that adjusts the Act’s lamina according to where the beneficiary resides – a consume of prop compound. For in, the lamina is adjusted upward for places relish New York City (violent consume of prop) and adjusted downward for those beneficiaries prop in a inferior town in Montana (inferior consume of prop).
Mike of-late applied for gregarious ease benefits inferior the new SSFA. His adjusted impure allowance is $75,000, putting him in the 75% grasp. However, the SSA immovable that Mike belongs in the 25% grasp owing he currently has an Investment Retirement Statement in the aggregate of $100,000. The SSA’s reasoning is that it is open to grasp Mike’s IRA in the media touchstone vigilance owing, at any occasion, Mike can coin out the IRA to pay for prop expenses. Currently, the Internal Revenue Service does not deduce aggregates in IRA statements as deal-out of determining an single’s adjusted impure allowance, unless the single delaydraws from the statement. Angry delay the SSA’s primal conclusion, Mike presently seeks to invoke the conclusion delay the appropriate Court of Appeals.
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