Legislative Update For The Week Ending July 8 2011
The Senior Citizens League supports bipartisan legislation that would require Medicare to negotiate lower prices for Medicare Part D, would allow safe importation of prescription drugs from Canada and other countries where the same drugs are often sold for much less, and would ban "pay for delay" deals between drug manufacturers that keep cheaper generics off the market. To learn what you can do to help fight high drug costs, visit . .In addition, should your husband improve and regain the ability to work, he would be allowed to earn ,580/month in 2021 before his benefits would be temporarily reduced due to Social Security's earnings restriction rules. Under disability rules, your husband could not earn more than ,310/month without losing eligibility for disability benefits altogether. Should your husband continue to improve, he could earn more by the year he attains full retirement age. .The Moment of Truth Project report calls it a technical correction and argues that government would simply be making the CPI more accurate. But if that's true, why haven't the economists at the BLS gone ahead and changed it already? They can't. The reality is that it requires a legislative change. It's not simply a matter for BLS economists. It's a matter for Congress —the same lawmakers who are answerable to you and me. … Continued
F Q Executive Action Immigration Social Security Medicare
The Senior Citizens League proposes that Congress enact an emergency COLA or one - time benefit boost payable for 202TSCL supports legislation that would ensure that COLAs are no less than 3 percent. But the organization also recognizes that the Congressional Budget Office (CBO), in its January 2020 baseline, estimated that a 2.5 percent COLA would be payable for 202Thus, providing a 2.5 percent emergency COLA would provide what has already been projected for Social Security benefits by the CBO. .The Foundation for Sight and Sound. Through its Help America Hear Program the foundation provides hearing aids for people with limited financial resources. To learn if you qualify, visit: Help America Hear Program or call 631-366-3461. .Catastrophic coverage stage (if you spend a total of more than ,100 counting all your prescriptions): .15 … Continued
Because there was no waiver in the Covid relief bill, new legislation to waive the mandatory cuts is needed. Congress passed a similar waiver for Republicans' 2017 tax overhaul, which was passed in the same manner as the Covid-19 relief bill. .Still, COLA cuts remain a key proposal of major debt reduction plans. In his budget last year, President Obama proposed changing the way COLAs are calculated by using a more slowly-growing measure of inflation, known as the "chained" CPI. "If our nation is going to correct income inequality, it should start with payroll taxes," Cates says. "Under current law, millionaires pay no Social Security taxes at all on earnings over 7,000, while average workers pay Social Security taxes on every dime they earn," Cates points out. "Cutting the benefits of financially vulnerable seniors and others can't be justified when millionaires are getting a multibillion dollar tax break," Cates asserts. "TSCL urges President Obama NOT to use Social Security COLAs to cut the debt," he adds. .Sources: Making Work Pay Credit Was Implemented As Intended, But Resulted in Many Taxpayers Owing Taxes With Returns," Treasury Inspector General For Tax Administration, November 1, 2010, Ref. No. 2011-41-002. .Some in Congress are hopeful that the conferees will negotiate a "grand bargain," which would include an overhaul of the tax code and entitlement reform. However, leaders in both chambers have been pushing for the conferees to focus more narrowly on replacing the "sequester" and establishing a fiscal 2014 budget blueprint. Should the conferees fail to reach a consensus, the government could face another shutdown on January 15th, a default on February 7th, and about billion in across-the-board spending cuts at the beginning of the year. .Information about critical issues affecting seniors .Social Security benefits are determined by the income earned (up to the taxable maximum) over a working career, and the number of years worked. The more money you make and pay taxes on, and the more years you work the larger your monthly Social Security benefit will be. The Social Security Administration calculates your benefits based on the 35 years in which you earned the most money. But many women, especially those who become mothers or caregivers, give up a substantial portion of their earnings to care for a family. .Are there any plans without an annual maximum? These plans fall into two main types, dental health maintenance organizations (DHMO), and discount dental plans. A DHMO will require you to use in network dentists, and to get referrals from your dentist when you need a specialist. You pay nothing extra when you receive preventive services that are covered by your plan premium. There are also discount dental plans that negotiate discounted rates with a network of dentists. Patients get discounts at dentist's office, but pay their dentists directly at the time of service. There is no waiting period for this type of plan. .This week, lawmakers passed legislation to avert a government shutdown and those in the majority party continued working on legislation to reform the tax code. In addition, The Senior Citizens League (TSCL) saw several key bills gain support in the House and Senate. .The Senate amended and passed the bill 90-2 on March 25, with two Republican Senators voting against it.