The Social Security Administration also announced on Thursday that the Social Security payroll tax cap will rise from 8,400 in 2018 to 2,900 in 201Most American workers contribute 6.2 percent of every paycheck to the Social Security program, but high earners will stop contributing to the program once they reach 2,900 in income next year. That means the wealthiest American CEOs – many of whom are billionaires – will be finished paying into the Social Security program just a few hours or days into 2019. .Super-Committee Republicans offer a 300 billion dollar tax-revenue concession. After an initial pledge not to raise taxes over the next decade, Republicans are willing to allow tax increases to help meet the 1.2 trillion dollar debt-reduction mandate by November 23rd. .The most widely-discussed proposals to revamp Social Security include raising the eligibility age, making the benefit formula less generous, and reducing the Social Security cost-of-living adjustments (COLAs). Reducing COLAs would impact the lifetime Social Security benefits of all current beneficiaries, as well as affecting future retirees. Under discussion is a proposal that would reduce COLAs by switching to a more slowly-growing, "chained" consumer price index to calculate the annual benefit boost. In fact the new tax law, recently did something similar. Indexing of income tax brackets, the standard deduction, and other parameters of the tax code for inflation was tied to a chained COLA. That means that people will pay higher taxes over time, as the standard deduction becomes less generous, while rising income would tend to push older taxpayers into higher brackets. .If Congress considers cuts to the COLA, changes in the benefit formula and increases in the retirement age, special attention will be needed regarding when changes would become effective and how they would be phased-in. The recession is already having a significant impact on the growth of Social Security benefits. If Congress cuts benefits, or reduces the growth in benefits during this slow recovery, it will likely produce a long lasting double-whammy effect for retirees. .The Senior Citizens League encourages its supporters to attend these events and to ask important questions of their elected officials, like the following three… .On Friday, Members of Congress remained in their home states and districts for a week-long holiday recess. They are expected to return to Capitol Hill on Monday, June 3rd. In the final days of the Memorial Day recess, many Members of Congress will be hosting town hall meetings and attending events in their home states and districts. ."Because earnings are used to determine entitlement, the portion of earnings from jobs worked prior to legal authorization poses a substantial long-term liability to the Social Security Trust Fund," Cates says. In order to improve Social Security solvency, Congress is expected to consider cutting Social Security benefits, perhaps significantly, at some point in the future. "This policy that ‘pays benefits based on work while in the country illegally raises questions as to whether individuals who worked without authorization and committed document fraud will benefit at the expense of others who paid in under valid SSNs," Cates notes. .It remains to be seen whether or not Congress will adopt the recommendations made by MedPAC in its most recent report. The Commission is an independent Congressional agency, but its policy recommendations are non-binding and Congress rarely takes immediate action on them. Nonetheless, TSCL will keep a close eye on the recommendations that were made this week, since they could positively affect millions of Medicare beneficiaries if enacted. .A draft of the order is circulating inside the government and was obtained by Bloomberg News. "It is critical that we reduce our dependence on foreign manufacturers for essential medicines, medical countermeasures" to "ensure sufficient and reliable long-term domestic manufacturing" that prevents shortages and supplies to "mobilize our nation's public health industrial base" when needed, says the nine-page draft.