Benefit Bulletin May June 2018
But he cautions that the amount of benefit from flu vaccination could be different in a different group of people. "There is a protective effect," he says. "How much is something that needs to be quantified with a more intensive study." .In the coming weeks, TSCL will continue to monitor the "myRA" and immigration reform issues that President Obama spoke about on Tuesday evening. We will provide updates here in the Legislative News section of our website as more details become available. .Eliminating the tax on Social Security benefits that currently applies to individuals with incomes as low as ,000 and married couples with incomes less than ,000. … Continued
Category Issues Social Security Faqs Feed
Ways and Means Committee Chairman Kevin Brady (TX-8) said in a statement on Tuesday evening: "We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week." Ranking Member Richard Neal (MA-1), however, urged Republicans on the Committee to slow down. In a letter to Chairman Brady, he said: "I write to urge you in the strongest possible terms to slow this tax reform process to a pace that will allow for reasonable, informed deliberation." .Mexican consulate officials are informing people about the availability of such benefits.Survivor claims are increasing due to recent violence in Mexico. .This week, two new cosponsors – Reps. Louise McIntosh Slaughter (NY-25) and Joyce Beatty (OH-3) – signed on to the Strengthening Social Security Act (H.R. 3118), bringing the total up fifty-four. If signed into law, the bill would reform the Social Security program in three ways: it would adjust the benefit formula, resulting in more generous monthly benefits; it would adopt the Consumer Price Index for Elderly Consumers (CPI-E), resulting in more accurate cost-of-living adjustments (COLAs), and it would lift the cap on income subject to the payroll tax. TSCL enthusiastically supports H.R. 3118 since it would extend the solvency of the Social Security Trust Fund responsibly, without cutting benefits for seniors. We were pleased to see support grow for it this week. … Continued
Sources: "What Medicaid Cuts Will Mean For Seniors," Gleckman, Kaiser Health News, May 18, 2011. .The Chairman of the House Armed Services Committee, Adam Smith (D-Wash.) has announced that if the bill is vetoed the House will come back into session over the holidays and vote to override. .Most Committee Members seemed to agree with him but as the hearing went on, it became clear just how difficult the task will become under strict time constraints and in a politically-charged environment. Most Members shifted their focus toward reforming the corporate code, since it will likely be more politically feasible. Co-chair Jeb Hensarling (TX) stated, "Fundamental tax reform, even if limited to American businesses, can result in both revenues for economic growth and jobs for the American people." By lowering the corporate tax rate from 35 percent to 25 percent and by eliminating loopholes, Hensarling said that 2.1 million jobs would be created over ten years. .TSCL strongly supports passage of the waiver legislation because of the potentially severe negative consequences they would eventually have on Medicare patients. .Those born during the Notch period are the same Americans who fought and sacrificed during World War II. When they retired, they paid the price of "saving Social Security" for future generations by receiving lower benefits for the rest of their lives. Now, although they receive lower benefits, they are among the senior age group hit hardest by escalating health care costs. Time is running out for Notch Babies. Congress must act soon. .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. .Even if your income will be slightly higher in 2018 you should apply, because the income and resource limits are adjusted annually and will likely be somewhat higher next year. "Resources " refer to money in checking and savings accounts, stocks, bonds, mutual funds and Individual Retirement Accounts (IRAs). Don't rule out applying just because you own your own home. Your home, car, household items, burial plot up to ,500 for burial expenses per person, and life insurance policies ARE NOT counted as resources. .The FTC Advisory Group would bring together relevant government agencies, consumer advocates, and industry representatives to collect and develop model educational materials for retailers, financial institutions, and wire transfer companies to use in preventing scams on seniors. The FTC would coordinate efforts to educate the public and even the employees of key industries who often find themselves on the front lines of anti-scamming activities. .Recommended reading: "Get What's Yours - The Secrets to Maxing Out Your Social Security," Laurence J. Kotlikoff, Philip Moeller, Paul Solman, and "How to Make Your Money Last: The Indispensable Retirement Guide," Jane Bryant Quinn.