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November 23, 2009

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Letter: GOP might have more surprises for senior citizens

Wednesday, Jan. 3, 2001 | 9:52 a.m.

Our friendly Republican-controlled Congress quietly passed a bill that directs the Internal Revenue Service under the Internal Revenue Code to regard the cost of company-sponsored life insurance for retirees in excess of $50,000 as ordinary income to the insured.

Corporations now have to complete W-2s for the year 2000 to report it to the IRS.

For those retirees filing estimated taxes and having company life insurance packages, they might be in for a surprise if their W-2 doesn't arrive in time for them to pay their Jan. 15 payment on their 1040ES form.

This is the same Republican Congress that gave us a 3.5 percent cost of living allowance on our Social Security benefits, then turned right around and increased the monthly Medicare premium by about 11 percent. The joke is on us.

Well, now that all three branches of government are in Republican hands, we might be given other surprises before it's over.

JAMES J. POUPARD

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