News

  • Legislative Update Week Ending March 6 2015

    Meanwhile, TSCL continues to work for passage of Notch Fairness Act, legislation that would provide ,000 payable in four annual installments, or an improved monthly benefit. The bill has been re-introduced in both the House and the Senate and has 22 co-sponsors. TSCL remains committed to Notch Reform and we continue to meet with Members of Congress to build support for this needed remedy. .As part of the economic stimulus bill just passed by Congress those sharp cuts have been put on pause. .As the number and scope of extreme weather events and disasters grow, some homeowners are learning that their insurance coverage doesn't provide all the protection they were expecting it to. According to Consumer Reports, the greater the damage costs, the higher the likelihood that there will be a disagreement over the claim, especially when you have a very large claim of ,000 or more. … Continued

  • Category Congressional Corner Page 7

    As prices. Low COLA & 038; COVID-19 Costs Could Trigger A Medicare Premium Spike When the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2016 would be zero, a stunning thing occurred. The Medicare Trustees projected that the monthly Part B premium would increase by an unprecedented .50 (52%) between 2015 and 2016— from 4.90 to 9.30 per month. What does this have to do with the. Retirement Benefits Could Be Subject To "Inaccurate CPI Information" TSCL is forecasting a 1.3% Social Security cost-of-living adjustment (COLA) for 202Our forecast is based on the most recent consumer price data from the U.S. Bureau of Labor Statistics (through August) and uses the same formula that the Social Security Administration uses to calculate the annual inflation boost. .For some tips on how to reduce taxes on your Social Security Benefits, here's an article by Emily Brandon, author of Pensionless: The 10-Step Solution for a Stress-Free Retirement. Emily Brandon's Planning to Retire Blog can be found at: Money.USNews.com. .The abrupt and severe contraction in the U.S. economy caused by the coronavirus has far-reaching consequences for Social Security. Twenty million workers filed claims for unemployment between March 15, 2020 and April 17, 2020, a level that has not been seen since the Great Depression. Both the wide-scale shutdowns and layoffs, as well as provisions of the coronavirus CARES Act stimulus legislation significantly reduce the anticipated amount of payroll taxes flowing into Social Security this year. … Continued

In a press release, Mary Johnson – a policy analyst for TSCL – recently said: "Anyone who cares about his or her health coverage, Medicaid, or Medicare should contact their Members of Congress now." Since many in Congress are undecided on the AHCA, it is not too late for grassroots advocates to make an impact. TSCL encourages its members and supporters to call their representatives in Congress immediately to request their opposition to the AHCA. Contact information can be found HERE. .This week, The Senior Citizens League was pleased to see support grow for four key bills that would improve the Social Security and Medicare programs if adopted. .Often, the most consequential decisions are those we make only once or twice in a lifetime. But decision – making itself is a skill that takes practice. That means we can get better at it. Even with practice though, it's almost impossible to forecast whether our decisions will work out. Often there are hidden factors at play, influencing our decisions, of which we may not even be aware. Learning about how our minds could be sabotaged, and how we could be nudged in wrong direction, can help us improve our decisions. One of these nudges is called the "anchor effect." .The CR that was adopted on Thursday will provide funding for two weeks, which lawmakers hope will give them enough time to iron out the details for a larger spending package. TSCL will be following the negotiations closely in the coming days and we will post updates here in the Legislative News section of our website. .Both Senate Leader McConnell and President Trump have said they are in no rush to pass another virus-related aid bill, but the Democrats believe it is necessary to get relief out to individuals and businesses as soon as possible. .Reps. Peter Roskam (IL-6) and John Carney (DE) introduced H.R. 2305 on June 14, 201It has since been referred to the Energy and Commerce Subcommittee on Health. .We understand that our proposal may not be the most perfect solution to the injustice; however, it stands a much better chance of getting passed in Congress and is the best possible solution we know of. .According to the 2020 Social Security Trustees report, which does not include estimates of the impact of the coronavirus, Social Security is expected to receive about 3.3 billion in payroll tax revenues this year. "That estimate is higher than it actually will be, since it was based on just a 5 percent unemployment rate," Johnson notes. "Currently the unemployment numbers are roughly four times higher than that," she points out. In addition, the Coronavirus Aid, Relief and Economic Security Act (CARES Act), allows employers to defer the employer portion of payroll taxes in 2020 for up to two years. .Scrapping the Social Security payroll tax cap on the taxable wages would not only provide enough revenues to make the program solvent for another 50 years, but would also pay for a more fair and accurate cost-of-living adjustment (COLA) for current retirees. For example, say a CEO of a company receives million in compensation. That individual and the employer each pays 6.2% Social Security taxes on the first 8,500 in wages. Social Security receives a total of ,69But if the entire million were taxed, Social Security would receive 8,000 instead.