News

  • Legislative Update January 2020

    By Jessie Gibbons, Legislative Assistant .If adopted, H.R. 1716 would prohibit unauthorized workers from receiving Social Security benefits based on work done while in the country illegally, using stolen, fake, or fraudulent Social Security numbers. TSCL was pleased to see support grow for H.R. 1716 this week, and we will continue to advocate for it on Capitol Hill in the months ahead, since we feel that protecting the integrity of the Social Security program is of utmost importance. .Higher-income beneficiaries. People with modified gross incomes of ,000 (individuals) or 0,000 (couples) in 2017 are required to pay higher Part B premiums, depending on income. … Continued

  • Category Issues Cola Articles Page 9

    The savings to the government for switching to the more slowly-growing CPI compound over time, and are substantial. The Congressional Budget Office estimates that the change would cut COLAs by 2 billion from 2012021 alone and, if used in other federal retirement programs and for indexing taxes as well, would reduce deficits by about 0 billion over the next decade, including reduced interest on the debt. .Until we know more about those questions, everyone — even people who've had their vaccines — should continue taking basic prevention steps when recommended. .A government shutdown occurs when Congress fails to pass the appropriations bills that allow agencies to operate. As a result, federal workers and government contractors temporarily don't get paid until after the shutdown has ended. But hitting the debt limit would have far more reaching effects. The debt limit is the legal limit on the total amount of debt the federal government may take on. That limit is especially important to older Americans because the federal government has used trillions in excess payroll tax revenues from the Social Security and Medicare Trust Funds in the past, and now must borrow in order to pay Social Security and Medicare benefits in full and on time. … Continued

More generous medical expense deductions for 2017 and 2018: The final tax bill retains the deduction for medical expenses and delays a previous change that would have limited the medical expense deduction for people age 65 and older in 2017 and thereafter. Under previous tax law, all taxpayers could deduct out-of-pocket medical expenses that exceed 10% of adjusted gross income, or only 7.5% for taxpayers age 65 or older. The amount of medical expenses that this group of taxpayers would be allowed to deduct was originally scheduled to rise to 10% in 201The new tax bill delayed that change, retaining the 7.5% threshold for medical expenses for taxpayers age 65 and over in 2017 and 201The change to 10% will go into effect beginning in 2019. .Lawmakers End Partial Government Shutdown .To the contrary, the majority of you who have taken our Senior Cost Survey in June and July — 56% — think we need to invest more in Medicare so that we can respond rapidly and more effectively to the next health crisis. COVID-19 affects us all, and is expected to continue to be a threat for months to come. TSCL believes that investing more in Medicare now pays off in protecting the health, and future, of all its beneficiaries. .The Senior Citizens League believes Congress can prevent the triggering of the Social Security hold harmless provision and eliminate spiking Medicare premiums entirely by providing an adequate COLA. This includes providing an emergency COLA or boost for 2021. .How did the coronavirus affect you? Your answer helps Congress understand the needs of older Americans. Please participate in TSCL's 2020 Senior Cost Survey at /2020-senior-cost-survey. .Studies show the vaccines made by Pfizer and Moderna, the only two approved by the U.S. so far, are fully effective at one to two weeks after the second dose, depending on the vaccine; while they prevent disease, it is not clear whether they prevent asymptomatic infection .The age at which you start receiving Social Security benefits. .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. .House Adjourns for Five-Week Summer Recess