News

  • Seniors Lose 34 Percent Of Their Buying Power Since 2000 2012 Annual Survey Of Senior Costs Finds Expenses Have Increased More Than Twice As Fast As Social Security Cola

    Seventy-eight percent of older voters participating in TSCL's survey say they support raising payroll taxes, eliminating the taxable maximum wage cap so that everyone pays Social Security taxes on all earnings over 8,500. Unlike low - and middle - income wage earners, the highest earners today only pay taxes on the first 8,500 in earnings and enjoy a huge Social Security tax break on all on wages over that amount. A clear majority — 62% of survey participants — also favors very gradually increasing the payroll tax rate by 1% each for workers and employers. Taken together, both changes would provide enough financing to keep the program solvent for more than 50 years. .A loop-hole in current Social Security law could allow millions of Mexican workers and their dependents to eventually collect Social Security benefits for earnings while working under fraudulent, or non-work-authorized, Social Security numbers. .Now, with the massive amounts of money being spent by Congress to deal with the coronavirus, which is all borrowed money, we cannot help but wonder what Congress will do when the trust funds for Social Security and Medicare become insolvent. There is still time to fix the programs if the trust funds remain as they are now but cutting the payroll would be devastating and would create a new crisis for seniors that we do not need and should not have to face. … Continued

  • 2013 With Colas Target Of Budget Cuts Seniors Question High Earner Tax Break 4

    While the House of Representatives has passed legislation (H.R. 1868) to stop those cuts, the Senate has been a question mark. .Third, the bipartisan CHANGE Act (H.R. 4957) gained one new cosponsor in Representative Ted Lieu (CA-33), bringing the total up to twenty-two. If adopted, the CHANGE Act would promote early identification of Alzheimer's disease, improve support for family caregivers, and provide continuous care for those battling many forms of dementia. ."The president's plan to import policies from socialized health care systems abroad is disrupting our work [on Covid-19 therapies] and diverting our focus away from those life-saving efforts," the spokesperson said. "We remain willing to discuss ways to lower costs for patients at the pharmacy counter. However, we remain steadfastly opposed to policies that would allow foreign governments to set prices for medicines in the United States." … Continued

In addition, one new cosponsor – Rep. William Keating (MA-9) – signed on to the Strengthening Social Security Act (H.R. 3118). The cosponsor total is now up to sixty-three. If signed into law, H.R. 3118 would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would base COLAs upon the CPI-E, resulting in more accurate annual increases; and it would lift the cap on income subject to the payroll tax. The bill would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. .What do you think? Seniors are invited to participate in TSCL's annual 2014 Senior Survey. For a free 8-page special issue of TSCL's Best Ways to Save, send to cover postage and handling with your name and address to The Senior Citizens League, 1001 N. Fairfax St. 101, Alexandria, VA 22314. .Each month, due to the Social Security Act Amendments that were signed into law in 1977, more than 3.7 million Notch babies receive Social Security checks that are lower than the benefits they originally anticipated. Last year, Representative Mike McIntyre (NC-7) introduced the Notch. Benefit Bulletin: June 2012 "Tough Choices" — Payroll Tax Cut For Illegals Or Notch Reform? .Now Congressional Democrats, while only having a razor-thin majority in the Senate, are planning a major push to include in measures to lower drug prices in upcoming legislation meant to rebuild the U.S. infrastructure. .The chances for legislation remain strong as more experts say older seniors need a benefit boost to protect them from outliving their retirement resources. Your continued support, letters, and phone calls to Members of Congress make all the difference in building co-sponsorship. TSCL has been instrumental in building support for the Notch Fairness legislation and remains committed to passage. .Until then, many Members of Congress will attend local events and hold town hall meetings. The Senior Citizens League (TSCL) urges its members and supporters to attend town halls in the coming weeks, since they are an excellent opportunity for constituents to communicate with their elected officials and have their most pressing concerns addressed. .Cost-of-living increases are based on the nation's general rate of inflation, and the prices for the goods and services used to calculate inflation have barely budged. .This week, five new cosponsors signed on to the Social Security Fairness Act (S. 896 and H.R. 1795), bringing the total up to thirteen in the Senate and ninety-two in the House. The new cosponsors are Sen. Jeff Merkley (OR) and Reps. Charles Boustany, Jr. (LA-3), Thomas Massie (KY-4), Bill Shuster (PA-9), and Barbara Lee (CA-13). If signed into law, H.R. 1795 would repeal two provisions of the Social Security Act that unfairly reduce the earned benefits of millions of state and local government employees each year. The provisions – the Windfall Elimination Provision and the Government Pension Offset – prevent dedicated public servants from receiving the retirement security they have earned. .Payment Reform Bill Passes First Hurdle