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  • About Us Board And Staff John Adams Tscltrea Liaison

    Low and middle-income earners pay taxes on all of their earnings. In recent years, however, the share of total wages earned in the U.S. and subject to Social Security payroll tax has declined because the earnings of the most highly paid workers have grown rapidly. Most of the proposals to increase the taxable maximum would also raise benefits of the affected workers by counting earnings above the old cap in the benefit formula. The non-partisan Congressional Budget Office (CBO) has estimated that eliminating the taxable maximum would extend the Social Security solvency as much as 50 years.[1] .Britain, France, and Italy generally have the lowest prescription drug prices, while Canada, Germany and Japan tend to have higher prices, the data showed. .But while the temporary payroll tax cut won't affect Social Security's finances, it also won't change the need to put the Social Security system's finances on a sound footing for future generations. Over the last 30 years, proposals have been made to allow future workers to put some of their Social Security contributions into "personal" or "privatized" investment accounts – with the hope of getting more money back than they would get from Social Security as we know it today. … Continued

  • Legislative Update Tscl Invited To Testify About 966 Billion Social Security Loophole Feed

    I've been hearing a lot recently that Social Security is a Ponzi scheme. Just how much in Social Security benefits can I expect? I just turned 62, but I'm still working and haven't started benefits yet. .Alexandria, V An overwhelming majority of seniors oppose two Medicare changes that are among the most widely - discussed reforms in Congress, according to a new survey by The Senior Citizens League (TSCL). Eighty-one percent of seniors strongly oppose a proposal that would impose a significantly higher annual deductible while restricting supplemental Medigap plans from covering the cost. Only 1 percent of those responding favored the idea. Seventy - four percent also strongly oppose replacing Medicare with a premium support system of private health plans, and giving beneficiaries a premium subsidy or voucher to shop for a new health plan. Just 5 percent said they favored this idea. "Both plans shift costs to seniors, something the vast majority can ill afford," says TSCL Chairman Ed Cates. .The situation can be potentially dangerous for Medicare beneficiaries and their families. If you are approached or receive a call by someone offering money, free services, free groceries, free transportation or TVs for your Medicare number, say no. If you suspect fraud, Medicare has an area on its website where you can report fraud. … Continued

Congress and President Obama are battling over the federal budget, but supporters in Congress aren't about to forget Notch Babies. The Notch Fairness Act bills (H.R. 155) and (S.90) were introduced by Representative Mike McIntrye (NC-7) and Senator David Vitter (LA). They were among the first bills to be re-introduced in the new session. The bills would provide Notch Babies born from 1917 through 1926, or spouses who receive benefits on their account, a choice of ,000 payable in four annual installments or, an improved monthly benefit. .Unless you are in poor health and need money to put food on the table or keep a roof over your head, these days it makes sense to delay starting benefits as long as you can. That's especially true if you're single and have limited retirement savings. If you claim Social Security too early, you could set yourself up for a reduced standard of living for the rest of your life. .Finally, one new cosponsor – Rep. Joyce Beatty (OH-3) – signed on to the Social Security Fairness Act (H.R. 1795) this week, bringing the total up to ninety-four. If signed into law, the bill would repeal the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – two provisions that unfairly reduce the earned Social Security benefits of millions of state and local government employees each year. .TSCL has been working with Rep. Larson the past few years to expand Social Security benefits, strengthen the Social Security Trust Fund and correct the flaw in the way annual COLAs are determined. We look forward to his reintroduction of the Social Security COVID-19 Correction and Equity Act. .We are still learning how long COVID-19 vaccines can protect people. .Finally, two new cosponsors – Senator Cory Booker (NJ) and Senator Deb Fischer (NE) – signed on to the bipartisan CREATES Act (S. 974), bringing the total up to thirty in the Senate. If adopted, the bill would increase competition in the prescription drug industry by encouraging generic and biosimilar drug manufacturers to introduce their products to the market more quickly. .Two new pieces of legislation in addition to H.R.1565 (see above) have been introduced to stop these kinds of scams. .The extra time was needed because although both houses of Congress were finally able to pass the needed legislation, the bill was nearly 5,600 pages in length. It is probable that no member of Congress actually read the entire bill and likely very few Congressional staff members read it either. .According to a report in Bloomberg Government News, "Centrist Democrats in the House are pushing to shrink their party's health-care wish list to focus more on low-income Americans, a move backed by industry groups including dentists who say a narrower focus is better policy.