News

  • Legislative Update Week Ending August 24 2018

    Eighty percent of the nation's active pharmaceutical ingredients come from overseas — and China is its No. 2 supplier, behind only Canada. .Millions of middle-class Americans face a looming retirement crisis as a result of growing wealth inequality. Middle class wages have declined and the minimum wage has lost more than 30% of its value since 196Today, most Americans have less than ,000 in savings, and only one out of five workers has a traditional defined benefit pension with guaranteed income in retirement. .Since you are still working and still under your full retirement age, you might consider reporting your estimated income to Social Security for 2019, and possibly for the months prior to turning your full retirement age next year. However, that would mean that your Social Security benefits would be withheld for even more months, and you might not receive any Social Security benefits at all in 201At the end of the year, you would have to notify Social Security of what you actually earned for 2019, and the calculation would be revised. If too much was withheld, you would get a refund. If not enough was withheld, you would have to pay the difference. Once you turn your full retirement age then, you will be able to earn as much as you want, and not be subject to Social Security earnings restriction rules for new earnings after turning age 66. … Continued

  • Legislative Update March 2015

    This week, Congressman Walter Jones (NC-3) introduced the Honesty in Consumer Price Index (CPI) Reporting Act (H.R. 3500), a bill that aims to make Social Security COLAs more fair and accurate for beneficiaries. It would accomplish this by requiring the Bureau of Labor Statistics (BLS) to report the CPI using the methodology that was employed back in 1980, around the time when COLAs first became automatic. .If you start benefits sooner than age 66 and continue to work, you are subject to Social Security earnings restriction rules. Earn more than the annual exempt amount and Social Security will withhold some or all of your earnings. In addition, once you start benefits, your income may subject a portion of your Social Security benefits to tax. .Another Social Security reform bill – the Social Security for Future Generations Act (H.R. 2855) from Congressman Al Lawson, Jr. (FL-5) – gained one new cosponsor this week. The new cosponsor, Congressman Gregorio Kilili Camacho Sablan (MP-1), is the nineteenth lawmaker to officially sign on to the bill. If adopted, it would strengthen and improve the program by adopting the CPI-E, applying the payroll tax to income over 0,000, creating a new benefit for widows and widowers, and increasing the Special Minimum Benefit so it equals 125 percent of the poverty line. … Continued

Congress managed to pass a short-term fix to prevent a 19% benefit cut that was due to hit disabled Social Security beneficiaries by the end of this year. The legislation heads off the cut by temporarily transferring some payroll tax revenues over the next three years, expanding measures to better ensure medical eligibility for benefits, and by preventing improper payments due to fraudulent work. The stronger eligibility and anti-fraud provisions are strongly supported by TSCL, incorporating several recommendations that TSCL presented last fall to the House Ways and Means Subcommittee on Social Security. The legislation: .For updates on the progress of the Prescription Drug Affordability Act or for more information about the Medicare Part D doughnut hole, visit our website at or find us on Facebook and Twitter. .He predicted that lawmakers will pass a six-month "doc fix" later this month in order to buy more time for the offset discussions. If Congress takes that route, the temporary pay patch would expire at the end of September – the same time that funding for the Children's Health Insurance Program (CHIP) will run out. Rep. Price suggested that a permanent repeal of the SGR would likely be rolled into a package with CHIP's reauthorization. .In April, more than 150 House lawmakers proposed a budget blueprint that would have reformed the Medicare program and cut Social Security benefits by adopting the "chained" CPI, eliminating the COLA for some seniors, and raising the eligibility age. Did you support this budget blueprint, and if so, why? .Providing help in emergencies, such as utility shutoffs, and .Sources: "Social Security, Treasury Target Taxpayers For Their Parents' Decades-Old Debts," Marc Fisher, The Washington Post, April 10, 201 .According to the committee report, a (now retired) Social Security judge, David B. Daugherty, schemed with a disability attorney Eric C. Conn, improperly awarding benefits to "virtually all" of Conn's 1,823 clients. The decisions were based on recommendations by an unusually loyal group of doctors who "often examined Conn's clients right in his law offices" according to a CBS News "60 Minutes" program. .TSCL believes several of the proposals under consideration would make the program unaffordable over time for the majority of beneficiaries. According to a new TSCL survey, more than one quarter of Medicare beneficiaries spend as much as 50% of their Social Security payments just to cover healthcare costs. TSCL recently delivered a listing of hundreds of thousands of petition signers from supporters to almost every Member of Congress and is continuing to convey concerns about plans to cut Social Security and Medicare. .The poll, which was conducted in September and October of this year, during the debt limit budget standoff, found that respondents voted higher and more fair COLAs as an even greater priority than "Preventing 20% Social Security Disability Insurance benefit cut" or "increases in Medicare premiums and cost-sharing"— two provisions which were passed in the recent debt deal.