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  • How A Tax On Wealthy Retirees Ended Up A Tax On The Middle Class

    According to a recent survey by The Senior Citizens League, 74 percent of survey participants favor applying the 12.4% Social Security payroll tax to all earnings. To learn more, visit . .28% Of Medicare Beneficiaries Hit Doughnut Hole In 2015 .Social Security is the largest single source of income for older Americans, providing the majority of income for half of retirees, and at least 90% of income for 18% of retirees, according to another think tank, the Center on Budget and Policy Priorities. … Continued

  • Category Tips For Seniors Page 9

    TSCL believes the regulations could be costly to seniors and to Medicare. Alternative therapy and medical approaches are used by millions of Americans. The Centers for Disease Control and Prevention estimated, that the U.S. public spent between billion to billion on CAM therapies in 1997, an amount that was more than the U.S. public paid out-of-pocket for all hospitalizations in that year, and an amount that was approximately one-half of that paid by the U.S. public for all out-of-pocket physicians' services. .Payroll taxes, and the taxes that people pay on a portion of their Social Security benefits, are two major sources of program funding. The Social Security Trust Fund also receives interest payments from the U.S. Treasury for the money that the federal government has borrowed when the program was in surplus. In fact, the .TSCL strongly supports legislation that would provide a minimum COLA in years when inflation is below average — such as the Guaranteed 3% COLA Act (H.R. 991) sponsored by Representative Eliot Engel (NY-16). How are low COLAs and higher costs affecting you? Let your Members of Congress know! Call 1-844-455-0045. … Continued

Currently, when hold harmless is triggered on a nationwide scale there is no provision of law to finance the unpaid portion of Medicare Part B premium increases. Instead, the entire burden of Part B costs is spread over a much smaller number of individuals, which is the 30 percent of Medicare Part B enrollees who are not protected by the hold harmless provision. This has led to significant spikes in Medicare Part B premiums during the hold harmless years, and in 2018 when a COLA finally became payable, to steep jumps in premiums for those whose Medicare Part B premiums were held lower in 2016 and 2017. .Lawmakers from both the House and Senate remained in their home states and districts this week to continue the month-long August recess. They are expected to return to Washington on September 5th, following the Labor Day holiday. .The new Antimicrobial Action Fund will look to buy or invest in small antibiotic companies and their products and will work with the World Health Organization and the European Investment Bank to identify promising prospects. The fund is expected to start operations by the end of the year and hopes to bring to market at least two to four novel antibiotics by 2030. ."Social Security Stops Trying To Collect On Old Debts By Seizing Tax Refunds," Marc Fisher, The Washington Post, April 14, 2014. .Lawmakers at Wednesday's Budget Committee hearing discussed potential solutions to the solvency challenge, including the Social Security 2100 Act (H.R. 860), introduced by Congressman John Larson (CT-1) and cosponsored by more than 200 House lawmakers. Congressman Larson, who testified before the committee members on Wednesday, outlined his Social Security reform proposal in detail. .Seventy-eight percent of the prescriptions ordered by one Florida physician were for Schedule II drugs. For one beneficiary, this physician prescribed a 605-day supply of morphine, a 52day supply of oxycodone, a 460 - day supply of fentanyl, and a 34day supply of hydromophone. .What Do We Do Now? My Husband Lost His Job And Our Healthcare Coverage .As we begin a new year, we hope you had the best holiday season possible under the conditions we all continue to face because of the coronavirus pandemic. We know the past ten months have been extremely hard for many Americans, especially for senior citizens and their families. .Although not many studies exist, according to one study of average earners born from 1917 through 1926, the disparity in benefits with other retirees seems to average about 26%.