News
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Hearing On Equity In Social Security In Their Own Words
On Tuesday, the Trustees of the Social Security and Medicare programs released their annual reports on the current and projected financial status of the two programs. As expected, the Trustees found that both programs currently face manageable financial challenges. .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. .According to a report in The Hill, a Washington, D.C., newspaper, "There are further administrative steps that need to happen before the proposal will actually take effect and result in lower drug prices. The secretary of Health and Human Services will have to issue the details of the proposal, and there will be an array of questions as to how the policy will work in practice. … Continued
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Q A October 2020
The House passed H.R. 1868 by a vote of 246-175 on March 19, with 29 Republicans voting in favor of the bill. .The total revenues in the sample could pay the Social Security benefits of 897 retirees, with an average monthly benefit of ,400, for an entire year. Or, that revenue could be used to provide a modest boost to the COLA of 448,560 retirees in the first year, by tying the annual inflation adjustment to the Consumer Price Index for the Elderly (CPI-E). .Get signed up for Medicare now in order to have your coverage start the month you turn 65! … Continued
By the time the Inspector General has performed its audit reports and given CMS its recommendations, CMS has limited, if any, time to collect before the statute of limitation expires. The OIG recommends that CMS should pursue legislation to extend the statute of limitations so that the recovery period exceeds the reopening period for Medicare payments. In addition, the OIG recommends that CMS develop a system to verify that the amount reported collected has actually been collected. TSCL heartily supports these commonsense recommendations. With Congress debating a major Medicare overhaul that would make seniors pay a higher portion of Medicare costs in the future, Congress should move quickly to close the statute of limitation loophole that's costing us millions in lost recoveries. .Sources: "Miami Actor, Cable Station Founder, Arrested In Medicare Fraud Takedown," Jay Weaver, The Miami Herald, May 14, 2013. .Key Bills Gain Support in the House and Senate .The measure has bipartisan backing in the Senate, as well as support from some moderate House Democrats. However, it is facing opposition from House leaders who say the legislation is a roundabout way to cut Social Security benefits. .Let a call go to voicemail if you do not recognize a phone number, as scammers rarely leave messages. .Beginning in 2017, monthly premiums for Part B and Part D would increase by fifteen percent for those with higher incomes. If the plan were adopted, the income threshold would drop from ,000 to ,000, and it would not be adjusted for inflation until one-quarter of all Medicare beneficiaries qualify to pay the increased premiums. .Seventy-eight percent of older voters participating in TSCL's survey say they support raising payroll taxes, eliminating the taxable maximum wage cap so that everyone pays Social Security taxes on all earnings over 8,500. Unlike low - and middle - income wage earners, the highest earners today only pay taxes on the first 8,500 in earnings and enjoy a huge Social Security tax break on all on wages over that amount. A clear majority — 62% of survey participants — also favors very gradually increasing the payroll tax rate by 1% each for workers and employers. Taken together, both changes would provide enough financing to keep the program solvent for more than 50 years. .But TSCL's polls, surveys, and stories on the COLA in the media have played a key role in helping to change that debate from one in which benefit cuts are inevitable, to one which explains why benefits should be made more adequate and payroll taxes should be increased. We could not have accomplished this without the hundreds of you who take time to send in your comments and stories, and who take our annual Senior Surveys. .But among other things, if consumers can't find the cost of health care, the idea of the free market is impossible.
