News

  • Medical Expense Deductions

    In short, there are two main obstacles to the "Pelosi" bill to lower drug prices: overcoming objections from House Democratic progressives and getting through the Republican opposition in the Senate. .Republicans and Democrats across the ideological spectrum agree that the payment system must be repealed and that the rate of growth in health care spending in the United States is unsustainable. But, even with strong bipartisan support, political hurdles still remain. I believe we must set aside politics and work together to enact a fiscally responsible and permanent solution to solve this problem. We owe it to American seniors to end this perennial threat to Medicare once and for all. .Increasing the amount of wages that is taxed for Social Security, which is currently limited to 7,200. Higher - wage earners currently pay no Social Security taxes at all on income earned over that amount. … Continued

  • Legislative Update For Week Ending October 18th 2013

    This week, after weeks of intense negotiations, lawmakers reached a bipartisan budget deal that will fund the federal government through the remainder of the fiscal year. In addition, The Senior Citizens League (TSCL) saw one key bill gain critical support. .Using statistical data from the Social Security Administration, TSCL estimates about 88 percent of Social Security beneficiaries have received benefits during the 2009 – 2015 period and have been impacted the hardest. "With 64 percent of older Americans depending on Social Security for over half of their income, going without a COLA is a loss of income that most beneficiaries simply can't be expected to bear," Cates says. Spiking medical costs are causing retirees to go into debt, and run through their savings," he adds. .Ways and Means Committee Chairman Kevin Brady (TX-8) said in a statement on Tuesday evening: "We are pleased with the progress we are making and we remain on schedule to take action and approve a bill at our Committee beginning next week." Ranking Member Richard Neal (MA-1), however, urged Republicans on the Committee to slow down. In a letter to Chairman Brady, he said: "I write to urge you in the strongest possible terms to slow this tax reform process to a pace that will allow for reasonable, informed deliberation." … Continued

Because of the advanced ages of Notch Babies, the cost of correcting the Notch is falling every day. TSCL estimates (in 2006) that the cost of Notch Reform would be about billion, or slightly less than .75 billion per year over the next four years. The billion could be financed without taking additional money from the Social Security Trust Fund. This could be done through cutting wasteful pork barrel spending and reducing fraud and abuse in government programs. In fiscal year 2006 alone, lawmakers spent about billion in pork-barrel projects (8). That doesn't include what the government lost to improper payments, fraud, and abuse. The Government Accountability Office estimated that for fiscal year 2005 government agencies improperly spent more than billion (9). .TSCL looks forward to working with these veteran lawmakers, along with new Representatives and Senators, on the following issues in the 114th Congress: .Last year, under Shkreli's direction, Turing Pharmaceuticals made headlines for buying the rights to a decades-old anti-infective drug and hiking its price from .50 per pill to 0 per pill. Lawmakers on both sides of the aisle had tough questions for Turing's representatives at Thursday's hearing, and each of them expressed their dismay for the price gouging that is occurring in the pharmaceutical market. .Because of the coronavirus, however, the BLS has been unable to gather much of the information from those two categories. Therefore, although they do not use the word, they are going to guess at those costs. It may be an educated guess, but it is still a guess, nonetheless. .Recently we received the following from one of our readers: .This week, House and Senate lawmakers remained in their home states and districts for a week-long spring break. They are expected to return to Capitol Hill on Monday, March 25th. Until then, many Members of Congress will be hosting town hall meetings and attending events in their home states and districts. .Sources: "Social Security The Notch Issue," GAO-HRD-88-62, March 1988, page 1Financial Management, Challenges in Meeting Requirements of the Improper Payments Information Act, GAO-05-417, March 200"Annual Statistical Survey 2004, Social Security Administration, Table 5.A.1. .Despite these known challenges, President Trump recently signed an Executive Order which allows the deferral of payroll taxes, including Medicare taxes, if the taxpayer is affected by a federally-declared emergency like the coronavirus. The Executive Order doesn't apply to all workers, only those earning up to 0,000 annually. The average worker will be able to put off paying just under 0 for the term of the deferral, September 1, 2020 – December 31, 2020, or about per week. The move is only temporary, and workers will be required to repay the taxes next year. .During these meetings, the following issues were discussed: Social Security cost-of-living adjustments, Social Security Notch fairness, Social Security Totalization Agreement reform, and repeal of both the windfall elimination provision (WEP) and the government pension offset (GPO). Support was expressed for many of these key issues, and TSCL looks forward to working with these offices in the future.