As every American family can tell you, the cost of living has skyrocketed under this presidential administration. Since Joe Biden took office in January 2021, the price of goods and services has increased 16%[i].
These are not luxury items. This is the cost of things needed to survive such as food, clothing, shelter, transportation and medical care [ii]. Combined with falling real wages, the average family has effectively lost $6,000 in purchasing power since Biden took office [iii].
Biden’s presidency has been marked by excessive spending, borrowing, and printing of money by the federal government. If you are wondering where the government got the trillions of dollars in extra spending over the last two years, they are taking it out of your wallet right now through the hidden tax of inflation. In addition, Biden has increased the price of gasoline by discouraging domestic oil production. As a result, every time you purchase essentials, you are paying Biden’s inflation tax.
It is imperative that Republicans in Congress stop the out-of-control spending which is the ultimate cause of both the inflation and interest rate hikes plaguing Americans’ finances. Last November, the American people voted for new leadership in the U.S. House to fix the economy and other pressing issues in America. While the new Congress works to address the Biden administration’s poor economic policies, the GOP supermajority at the state level is working to offset inflation by helping taxpayers keep more of their hard-earned dollars.
One of the groups most directly impacted by inflation are senior citizens, many of whom are on fixed incomes. This session we have worked to provide seniors with relief for both their income taxes and property taxes.
Senate Bill 190 will eliminate the state income tax on social security benefits. It will allow all seniors regardless of their adjusted gross income or filing status to deduct 100% of their social security benefits.
The House handler of the bill said, “Missouri is one of only 11 states in the country that still taxes social security. With the rising cost of consumer goods, it’s more important now than ever to put money back in the pockets of Missouri’s seniors, particularly those on fixed incomes. It’s time for Missouri to join the other 39 states that have already eliminated the tax on social security.”
Senate Bill 190 will also help protect seniors from being taxed out of their homes. The bill effectively freezes the property tax on the home of Missourians who are 65 years of age or older. It will allow counties to adopt an ordinance that authorizes a property tax credit for eligible senior homeowners. The bill would in effect ensure seniors don’t pay more in property tax on their property than they did for the same property when they turned 65 years of age.
The bill’s handler noted that for most Missourians their home is their largest asset and the one tangible thing they have to show for a lifetime of work.
He said, “Seniors who have played by the rules their entire lives, saved for retirement, paid their fair share of taxes, should never face the prospect of being taxed out of their home by the government. Senate Bill 190 ensures that they won’t.”
As your state representative, I will continue to support policies that help Missourians survive despite the horrible economic policies of the Biden administration.
May God bless and keep you and our great nation.
Hardy Billington represents District 152, which includes Butler County.
source: [i] https://www.bls.gov/data/inflation_calculator.htm, https://www.bls.gov/cpi/questions-and-answers.htm#Question_7 ; [ii] https://www.bls.gov/cpi/overview.htm#:~:text=The%20CPI%20represents%20changes%20in,life%20insurance)%20are%20not%20included ; [iii] https://waysandmeans.house.gov/analysis-average-american-has-lost-34k-to-biden-flation/