Friday, June 08, 2007

New bill on federal retirees; AMT proposal

Rep. James P. Moran (D 8th District) has introduced HR 2533, to allow former federal workers to recover pension credits by paying back the system. Moran's link is here.
The Thomas LOC link is here. The story is on page D4, the Federal Diary, by Steve Barr, in the June 8, 2007 Washington Post. I worked for the Navy for 18 months in 1971-1972 and simply took out the retirement credit and bought a new car in 1972 (a Pinto). Since I had over 30 years of professional level earnings with SSA contributions anyway, essentially this had no effect on me. (I've discussed anti double dipping rules earlier on this blog).

Also today, Lori Montgomery has an important story in the Washington Post, p D1, "Democrats Seek Formula To Blunt AMT: One Plan Would Impose Surtax of 4.3% on Richest Households" of income over $500000 per family or $250000 per person. This refers to the notorious Alternative Minimum Tax, which ensnares more and more people every year. The link is here.
With eldercare becoming a bigger issue, family structure could become significant with the AMT, too.

Picture: The "Social Security Bridge" (or Social Security Offset), actually on Route 1 just south of Baltimore (where SSA is).