News
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Lets End The Social Security Payroll Tax Cut
Sources: "Crackdown Proposed To Prevent Illegal Immigrants From Obtaining Medicare," Robert Pear, The New York Times, March 3, 201"Medicare Improperly Paid Providers Millions Of Dollars For Unlawfully Present Beneficiaries," Daniel R. Levinson, Department of Health and Human Services Office of Inspector General January 2013. .Jessie Gibbons – TSCL's senior policy analyst – told Karen Damato of Money, "We're concerned that the abrupt change will cause a lot of confusion and frustration among older Americans, many of whom don't have reliable access to text-enabled cellphones." In addition, Mary Johnson – a policy consultant for The Senior Citizens League – told Mary Beth Franklin of InvestmentNews, "Based on what we know at the moment, the alternative to checking online is either calling SSA's 1-800-772-1213 line, or trekking out to a local Social Security office where you take a number and wait in line." She also said, "The Senior Citizens League feels that online security is vital, but feels alternate options should be offered." .If you choose to supply The Senior Citizens League with your postal address through our website, you may receive periodic mailings from us with information on new issues, products, services or upcoming events. If you do not wish to receive such mailings or if there is an inaccuracy in your name or address, please let us know by writing to us at the above address, or through our Contact Us page. Additionally, you may request that TSCL provide you with the personal information that it has about you over the past 12 months by writing to us at the above address, or through our Contact Us page. … Continued
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Category Issues Cola Bills Feed
For progress updates or for more information about these and other bills that would strengthen Social Security and Medicare programs, visit the Bill Tracking section of our website or follow TSCL on Twitter. .Payment Reform Bill Passes First Hurdle .This week, four new cosponsors signed on to the bipartisan Equal Treatment of Public Servants Act (H.R. 711), bringing the total up to 11The new cosponsors are Reps. Don Young (AK-1), Carlos Curbelo (FL-26), Brenda Lawrence (MI-14), and Erik Paulsen (MN-3). … Continued
Under a rule change that will take effect in July the Center for Medicare and Medicaid Services (CMS) will allow insurers and employers to exclude certain copay assistance programs from counting toward deductibles and out-of-pocket maximums. The rule applies even for expensive brand-name drugs with no generic alternatives. .Scrapping the Social Security payroll tax cap on the taxable wages would not only provide enough revenues to make the program solvent for another 50 years, but would also pay for a more fair and accurate cost-of-living adjustment (COLA) for current retirees. For example, say a CEO of a company receives million in compensation. That individual and the employer each pays 6.2% Social Security taxes on the first 8,500 in wages. Social Security receives a total of ,69But if the entire million were taxed, Social Security would receive 8,000 instead. .The message here isn't "work till you drop." Working even a few additional years can boost retirement security substantially when you finally do retire. There's a "triple whammy" effect -- delayed Social Security filings means higher monthly benefits; you have more years of contributions to retirement accounts; and you have fewer net years of drawing down those accounts. Working with financial planning experts, we estimated that these factors can boost income in retirement by one-third or more. .What is the full retirement age for Social Security? .The Medicare Prescription Drug Price Negotiation Act (H.R. 275), which was introduced by Congressmen Peter Welch (VT) and Francis Rooney (FL-19), would require the federal government to negotiate lower Medicare Part D prices on behalf of Medicare beneficiaries. .If the bill doesn't pass into law one way or the other it would be the first time in 60 years the legislation has failed to be enacted. .Second, the Social Security 2100 Act (H.R. 1902) gained one new cosponsor in Representative Jimmy Gomez (CA-34), bringing the cosponsor total to 16If signed into law, H.R. 1902 would strengthen Social Security benefits by improving the cost-of-living adjustment (COLA), increasing monthly benefits by 2 percent, creating a new Special Minimum Benefit equal to 125% of the poverty line, providing a tax cut to Social Security beneficiaries, applying the payroll tax to annual income over 0,000, and gradually increasing the payroll tax rate by 0.25%. .So, what should those who have received the Covid-19 vaccines do now? .In the meantime, TSCL would like to remind you that many Senators and Representatives will attend local events or schedule town hall meetings while they are in their home states and districts, giving constituents an excellent opportunity to voice their concerns. We encourage you to approach your Members of Congress and request their support for fair cost-of-living adjustments, Notch fairness, a permanent "doc fix," and other key issues.
