{"id":3309,"date":"2011-02-10T10:27:52","date_gmt":"2011-02-10T16:27:52","guid":{"rendered":"https:\/\/trta.org\/?p=3309"},"modified":"2011-02-10T10:27:52","modified_gmt":"2011-02-10T16:27:52","slug":"trta-inside-line-higher-federal-tax-withholdings","status":"publish","type":"post","link":"https:\/\/trta.org\/es\/trta-inside-line-higher-federal-tax-withholdings\/","title":{"rendered":"TRTA Inside Line: Higher Federal Tax Withholdings"},"content":{"rendered":"<div><strong><span style=\"color: #ff0000; font-size: x-large;\">\u201cWhy Has My TRS Check Decreased?\u201d<\/span><\/strong><\/div>\n<div><strong><span style=\"color: #ff0000; font-size: x-large;\"> <\/span><\/strong><\/div>\n<div><strong><span style=\"color: #ff0000; font-size: x-large;\">TRS Retirees Feeling a Federal Tax Squeeze<\/span><\/strong><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">Many TRTA members are asking why their monthly annuity has suddenly decreased. Retirees are reporting a decrease that ranges between $30 per month to as much as $50 per month. The answer is that the federal government is taking a bigger bite out of your monthly income through higher tax withholdings.<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">One of the first questions I have been asked is \u201cif the Bush-era tax cuts were extended, why am I paying more?\u201d Part of the answer is that President Obama and the previous Congress extended the reduced tax bracket amounts that have been in force since President George Bush\u2019s term. The tax brackets, however, were expanded to include more people at the higher taxable amounts. While the tax rates did not change, a person may fall into a new tax bracket with a higher tax rate due to this expansion. <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">In addition, President Obama and the previous Congress enacted the Payroll Tax Holiday. This is a separate issue entirely and it reduces a different item in the taxing structure. The Payroll Tax Holiday reduces the Social Security tax withholding, or the FICA-OASDI tax amount. TRS retirees do not benefit from this Tax Holiday, because TRS does not deduct FICA-OASDI taxes from a retiree\u2019s annuity check.<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">In 2009 and 2010 there was a &#8220;Making Work Pay&#8221; credit in effect as part of the American Recovery and Reinvestment Act.  This expired on 12\/31\/2010, meaning that many people will notice an increase in the amount of Federal Withholding deducted.<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">The combination of the change in the federal withholdings and the expiration of the \u201cMaking Work Pay\u201d tax credit are taking a significant bite out of many retirees\u2019 pay checks. <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><strong><u><span style=\"color: #000000; font-size: large;\">What can be done?<\/span><\/u><\/strong><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">TRTA members can contact their Congressional members and let them know that these tax increases are making a bad situation worse in Texas. Congressional members need to know that TRS retirees have not had a pension increase in 10 years and have already lost as much as 30 percent of their buying power! Any additional reduction has a real and detrimental impact on retirees\u2019 fixed incomes. <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">Additionally, Congress should find a way to eliminate the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) which impact so many TRTA members.<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><strong><u><span style=\"color: #000000; font-size: large;\">Gracias<\/span><\/u><\/strong><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">We know that TRTA members are already engaged in this very hard state legislative budgeting process. Texas legislators have received more than 15,000 emails from TRTA members! You are doing an excellent job in promoting TRTA\u2019s major budget initiatives: the restoration of funding for the TRS-Care health insurance program and the TRS pension trust fund. We need to protect our health care premiums and find a way to provide retirees with a real benefit increase.<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">TRTA members are doing a lot to help advance our legislative priorities. The level of activity is increasing all over the state and legislators are responding. Many have contacted TRTA to arrange meetings on the issues important to you. This is great news and we appreciate all you do to make legislators aware that our issues should not be moved to the back burner. <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">Thank you for your efforts and for your support of the Texas Retired Teachers Association!<\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\"> <\/span><\/div>\n<div><span style=\"color: #000000; font-size: large;\">Stay involved with TRTA through our Facebook page (<\/span><a href=\"http:\/\/www.facebook.com\/pages\/TRTA-Texas-Retired-Teachers-Association\/126989714019649#!\/pages\/TRTA-Texas-Retired-Teachers-Association\/126989714019649\"><span style=\"color: #000000; font-size: large;\">http:\/\/www.facebook.com\/pages\/TRTA-Texas-Retired-Teachers-Association\/126989714019649#!\/pages\/TRTA-Texas-Retired-Teachers-Association\/126989714019649<\/span><\/a><span style=\"color: #000000; font-size: large;\">).<\/span><\/div>","protected":false},"excerpt":{"rendered":"<p>\u201cWhy Has My TRS Check Decreased?\u201d TRS Retirees Feeling a Federal Tax Squeeze Many TRTA members are asking why their monthly annuity has suddenly decreased. Retirees are reporting a decrease that ranges between $30 per month to as much as $50 per month. The answer is that the federal government is taking a bigger bite [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,14],"tags":[],"class_list":["post-3309","post","type-post","status-publish","format-standard","hentry","category-trs","category-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TRTA Inside Line: Higher Federal Tax Withholdings - Texas Retired Teachers Association<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trta.org\/es\/trta-inside-line-higher-federal-tax-withholdings\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TRTA Inside Line: Higher Federal Tax Withholdings - Texas Retired Teachers Association\" \/>\n<meta property=\"og:description\" content=\"\u201cWhy Has My TRS Check Decreased?\u201d TRS Retirees Feeling a Federal Tax Squeeze Many TRTA members are asking why their monthly annuity has suddenly decreased. 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