Fixed-income seniors burdened by IRS regulations
The executive branch (IRS) and Congress are totally ignoring the stressful financial burden on seniors over age 70 ½ with IRAs.
With inflation of over 9%, soaring gas and food prices, etc., fixed-income seniors are unduly discriminated against by IRS regulations. Required Minimum Distribution (RMD) is calculated on the year-end IRA valuation for the amount that must be withdrawn in the following year or face a stiff penalty of 50% of the amount not withdrawn.
The IRS suspended RMDs in 2020 due to the COVID pandemic. Why not now for this serious economic crisis when many senior incomes are fixed, decreasing in value daily, making some seniors struggle to meet living expenses?
I’ve written both senators, my representative and the AARP with no responses. The IRS should take action now.
It appears our government is only concerned with revenue to cover their spending vs. any relief for fixed-income seniors.
BOB SHANAHAN, CUMMING
Climate action will benefit both political parties
Paul Krugman’s economic advice I take seriously. He wrote in “Why GOP is against climate action” (Opinion, Aug. 21) that “environmental policy has been caught up in the culture war” and that “people hoping for bipartisan efforts on climate are probably deluding themselves.”
I agree that big money influences legislation to the detriment of long-term cultural/environmental impacts.
But that happens within the Democratic party too.
Biden and Senate Majority Leader Chuck Schumer demonstrated what democracy requires -- compromise. While the big umbrella of two political parties benefits from voting blocs that dilute policy positions into simplistic notions, there is hope.
Growing numbers of conservatives are concerned about making our economy sustainable. Often progressives change directions and then conservatives follow. That may happen now.
The Inflation Reduction Act will create strong business opportunities for clean energy. Instead of Krugman belittling Republicans, he ought to argue what will change them.
We must not give up. We have to do this together! That’s not delusional; it’s the truth.
BOB JAMES, ATLANTA
