BITCOIN (BTC/USD):
Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin moved lower early Tuesday morning.
At approximately 4 a.m. ET, Bitcoin was trading at about $21,800 (-2.27%), or lower by more than $500.
For both the week and month, however, Bitcoin was trading higher by nearly 11.5% and higher by nearly 17.5%, respectively.
Ethereum was trading at approximately $1,515 (-3.19%), or lower by almost $50.
For the week, Ethereum was making significant gains, trading higher by about 42.5%. For the month, it was trading higher by nearly 57.5%.
Dogecoin was trading at 0.065009 (-2.08%), or lower by approximately $0.001403.
For the week, Dogecoin was higher by more than 9%. For the month, the crypto was higher by more than 27%.
Cost-of-living adjustments may force seniors on fixed incomes to be taxed more on their entitlements :
Red hot inflation is inflicting financial pain on millions of U.S. households, but the rising price of everyday necessities has squeezed one group in particular: retirees living on a fixed income.
Although Social Security recipients receive a cost-of-living adjustment, or COLA, that is indexed to inflation, the amount of benefits exempt from tax has remained unchanged for decades.
Since 1984, retirees have owed taxes on their benefits if half the amount they receive from Social Security plus their other income comes to more than $25,000 if they are single or $32,000 if they are married filing together.Individuals who earn more than $34,000 and couples who earn more than $44,000 can be taxed on up to 85% of their benefits.
Now, experts say the hottest inflation in a generation could ultimately push more seniors into higher tax brackets as a result of what's likely to be a record-high cost-of-living increase.
The Senior Citizens League, a nonpartisan group that focuses on issues relating to older Americans, estimated last week the COLA could be as high as 10.5% after June inflation data showed consumer prices soared 9.1% from the previous year, the fastest year-over-year jump since 1981.
An increase of that magnitude would raise the average retiree benefit of $1,668 by about $175.10 per month, the group said.