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Cutting the payroll tax permanently, which President Trump said he would seek to do if he is re-elected, would bring insolvency even closer and make the whole situation so much worse. .This week, lawmakers in the House postponed a scheduled vote on the American Health Care Act (AHCA) and leaders made last-minute changes to the text of the bill. In addition, The Senior Citizens League (TSCL) delivered letters to Congress urging leaders to address the looming debt ceiling crisis. .A Fifth Coronavirus Relief Bill Unveiled in the House of Representatives … Continued
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Q December 2018
CDC recommends that people who are not fully vaccinated avoid travel on cruise ships, including river cruises, worldwide. Since the virus spreads more easily between people in close quarters aboard ships, the chance of getting COVID-19 on cruise ships is high. It is especially important that people who are not fully vaccinated with an increased risk of severe illness avoid travel on cruise ships, including river cruises. .In 2014 the Congressional Budget Office estimated that the average tax payment of Social Security households equaled 6.7 percent of benefit income — an amount that is estimated to grow to 9 percent of benefits by 203"That growth is likely to occur much more rapidly due to changes in the tax law, which uses a more slowly growing consumer price index to adjust the tax code," Johnson says. .Use a consumer price index that better reflects the costs of retirees — the Consumer Price Index for the Elderly (CPI-E). … Continued
The first is H.R. 446, the Protecting Seniors from Emergency Scams Act. .Rep. Ted Deutch (FL-21) introduced H.R. 1811 on April 15, 201It has since been referred to the Committee on Ways and Means and to the Committee on Education and the Workforce. .Recently we heard from Susan Gross, a 66-year old retired office assistant living in Central Virginia, who spends most of her day caregiving. Her 46-year-old son. who is disabled from cerebral palsy, lives with her, as does her mother, who is now 9All three receive their healthcare coverage through Medicare. .The massive cost of both House and Senate tax bills, estimated to add .5 trillion to the deficit, will trigger automatic spending cuts in 2018 due to language in the Statutory Pay-as-You Go Act of 20The Act, commonly known as "pay-go", prevents legislation from adding too much money to the deficit. Because the .5 trillion cost of the bill is not adequately offset, the Medicare program will see billion in cuts in 2018, and other critical programs like Meals on Wheels would see their budgets slashed. Lawmakers have said they will pass legislation early next year to avert these cuts, but that remains uncertain. .TSCL enthusiastically supports H.R. 1902 and H.R. 242, and we were pleased to see support grow for both of them this week. For more information, visit the Bill Tracking section of our website. .Recently the House Budget Committee and the House Energy and Commerce Committee both held hearings on the controversial Independent Payment Advisory Board (IPAB). The IPAB was created under the healthcare reform law to slow rising Medicare costs. If costs grow too fast, the IPAB would recommend cuts that would go into effect unless Congress comes up with the same amount of savings. Both Committees heard testimony from Health and Human Services (HHS) Secretary Kathleen Sebelius, among many others. .Although immigration law forbids work without authorization, immigrants do find jobs, and the majority of employers report their earnings to SSA. Each year SSA receives hundreds of millions of W-2s. When the name and Social Security number (SSN) do not match SSA's records, the W-2 is held in the Earnings Suspense File (ESF). Recent data indicates that in recent years the ESF is growing at an unprecedented pace and the cumulative wages represented is now 5 billion. These wages can later be reinstated to valid Social Security numbers when immigrants gain work authorization. Because earnings are used to determine both the number of quarters of coverage worked for insured status, and the initial retirement benefit, this poses a substantial liability to the Social Security Trust Fund and would worsen its solvency. .Since enactment 84 years ago, Social Security has been the most reliable source of retirement income that most retirees have. That said, our current Social Security program has a funding imbalance that's creeping forward. In 2018 the Congressional Budget Office reported that Social Security's total benefit costs exceeded its total income, including (for the first time) the "interest" income on the special obligations bonds, or I.O.U.s that are held by the trust fund. According to the Social Security Trustees, from here forward, Social Security benefits will be financed with a combination of payroll taxes, revenues from the taxation of Social Security income, "interest" income from the special obligation bonds, and net redemptions of those bonds, until the reserves held from the Trust Funds are depleted. .For those Social Security recipients concerned about making ends meet going forward, here are some tips: