How would switching to the chained CPI cut Social Security?.The main source of funding for Social Security comes from the payroll taxes that workers pay into the program. But there are two other sources of revenues: taxes that retirees pay on their Social Security benefits, and the "interest" earned by the "I.O.U.s" held by the Social Security Trust Fund.."But all bets would be off if the current payroll tax system is eliminated, or changed to something else," Johnson says. Getting rid of the payroll tax raises a great many questions as to how benefits would be calculated. Currently, retirement benefits are calculated on the 35 years of highest earnings. "Because wages tend to grow over time, replacing the current system with something else could mean lower benefits," Johnson points out..In a letter to Congressman Davis, Art Cooper Chairman of TSCL's Board of Trustees wrote: "According to a recent study completed by TSCL, Social Security beneficiaries have lost over 20 percent of their purchasing power since 2000. Those who are subjected to the WEP and the GPO have undoubtedly fallen even further behind. It is now more important than ever for Congress to address the inequities that have been created by the WEP and the GPO, and TSCL believes the Social Security Fairness Act is a fair and responsible solution.".TSCL agrees that legislative action is needed soon in order to avoid harsh benefit cuts for Social Security beneficiaries. In the months ahead, we will continue to advocate tirelessly for legislation like the Social Security 2100 Act, which would strengthen the financing of the program for decades to come while also strengthening benefits for those who depend on them the most. For progress updates, follow TSCL's legislative team on Twitter, or visit the Legislative News section of our website..If your "provisional" income is over the base amount, then a portion of your Social Security benefits would be taxable. Up to 50% of your Social Security benefits are taxable if your provisional income is above ,000 to ,000 if you file singly, or above ,000 to ,000 for joint filers. If your provisional income exceeds ,000 or ,000, up to 85% of your Social Security benefits are taxable..Nonetheless, The Senior Citizens League urges lawmakers to act responsibly and to fund the federal government immediately so that federal agencies can operate as smoothly as possible. In the days ahead, we will keep a close eye on the evolving negotiations, and we will continue to advocate for legislative solutions that would fully fund the federal government..In 1977 Congress changed the formula for computing Social Security benefit amounts - a change that led to seniors who were born 1917 through 1926.What Is The ‘Notch'? The term “Notch” refers to the disparity in Social Security benefits paid to people born from 1917 through 1926 and those paid to people born before and after them with similar work/earnings records. Many of those born during the Notch period feel they have not been treated fairly and are not receiving the benefits that.Frequently Asked Questions About TSCL The Social Security Notch Issue What is TSCL?.Meanwhile, the House of Representatives announced they will also be taking the usual August recess if they get needed legislation passed before then.

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Thus, we are watching to see how this Administration would do things differently this time. In addition, there are concerns on the Canadian side about the timing. Canada is concerned this could cause drug shortages, particularly for drugs used to treat COVID-19 further exacerbating tensions with one of our nation's closest allies and trading partner..Mulvaney explained that the goal of the proposed cut to SSDI is to "test new approaches to increase labor force participation," which suggests that large numbers of ineligible people are abusing the system and need to go back to work. While Social Security disability has well-publicized problems with fraud and abuse, it's important to note that eligibility standards for Social Security disability mean that a person must have a condition so severe that he or she is not able to work. Thus, someone who truly meets the eligibility standards for disability, is not likely to ever re-enter the workforce..Because Medicare Advantage plans receive a capped monthly reimbursement for each beneficiary, TSCL is concerned that there is a potential financial incentive for Medicare Advantage plans to inappropriately deny some services or prescriptions in an attempt to increase their profits. Denial of medically necessary care and prescriptions can worsen your health, as well as leading to high out-of-pocket costs, financial burdens, and debt. … Continued

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Can the legislation be fixed in order to prevent this from happening? TSCL strongly believes that the cost of providing relief for the taxation of Social Security benefits can be worked out, if there's a will in Congress to make it happen. Provisions can be tweaked and phased in to make the budget math work. Your input at this point is critical. We urge you to write or call your Representative and ask him or her to help move this legislation that would boost your Social Security benefits, provide a slightly higher COLA, and provide a modest tax cut for millions of retirees with modest benefits.."Medicare And The Federal Budget, Comparison of Medicare Provisions," Kaiser Family Foundation, March 2013..Most surviving children would not be eligible for Notch Fairness Act benefits, but the issue should concern every single child of a Notch Baby. Recent Social Security reform proposals to attach a "price index" to the Social Security benefit formula would cut benefits for future retirees in a manner similar to the 1977 changes that led to the Notch. In addition, Congress thus far has taken no constructive non-partisan action to address Social Security's looming shortfall - meaning they may have to make very deep and abrupt cuts when they can no longer stall for time. … Continued

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