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This week, The Senior Citizens League was pleased to see support grow for one key bill that would improve access to affordable prescription drugs..[1] Income of the Aged Chartbook, 2012, April 2014..The Supreme Court has agreed to hear another Obamacare challenge in February or March. The outcome could have enormous financial impact on millions of people who purchased their health insurance through, the online federal health insurance exchange..Third, the Social Security Fairness Act of 2017 gained two new cosponsors in Representative Bill Posey and Suzanne Bonamici, bringing the cosponsor total to 17If signed into law, H.R. 1205 would repeal the Government Pension Offset and Windfall Elimination Provision two provisions that unfairly reduce the earned Social Security benefits of millions of teachers, police officers, and other public servants each year..Alexandria, VA majority of Social Security recipients would have to raid retirement savings or use a line of credit to meet even relatively modest financial emergencies, according to a new poll by The Senior Citizens League. When retirees were asked how they would raise ,000, 49 percent of respondents said they would take money from savings and another 30 percent said they would use a line of credit or borrow..Next week on January 24th the Senate Finance Committee will be holding a formal confirmation hearing to question Congressman Price. TSCL will be monitoring discussions about the ACA and the future of the Medicare program, and we will post a summary of the hearing here in the Legislation News section of our website..On Monday, President Obama released his .066 trillion budget blueprint for fiscal 201His plan puts an end to the so-called "sequester" and increases spending for defense and discretionary programs by 7 percent. Upon releasing the blueprint, he said, "I'm not going to accept a budget that locks in sequestration going forward. It would be bad for our security and bad for our growth. I want to work with Congress to replace mindless austerity with smart investments.".That is why TSCL so strongly opposes the President's proposal. True, it would be a boost for those now employed. But it will do nothing for those who are unemployed, and those are the people who need the most help right now. There are other ways to aid them, as well as to help the currently employed..The health premium subsidy will be paid on your behalf directly to your selected insurance plan, and you will get tax credits that reduce the total amount of tax you owe to the IRS. This can mean a bigger refund if you don't owe. The credit begins with insurance that starts January 1, 2014 or later.

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For updates on the progress of the BCRA in the coming days, follow TSCL on Twitter or visit the Legislative News section of our website. For information on upcoming town hall meetings near you, click HERE..The most recent data from the Social Security Administration indicate that, in recent years, the ESF grew at an unprecedented pace. Cumulative wages held in the ESF since 1990 now total more than ,022.5 trillion, unadjusted for inflation. A significant portion of these wages could later be claimed and re-instated to valid SSNs if immigrants working illegally gain work authorization and have kept copies of their W2s or other evidence of earnings. Because earnings are used to determine entitlement, this poses a substantial long-term liability to the Social Security Trust Fund and would worsen solvency..Unlike the rest of our tax system, which is progressive, meaning the lower the income, the lower the tax rate that people must pay - Social Security payroll taxes are regressive. The first dollar of earnings is taxed for Social Security, and all workers pay 6.2% tax on earnings - an amount that is matched by employers - but only on the first 8,500 in earnings. But because of the taxable maximum cap, the highest paid workers, like CEOs of major corporations who receive millions in wages and even Member of Congress, are pocketing a huge tax break, 6.2% of every dollar earned over 8,500. … Continued

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TSCL delivered letters to Congress this week urging lawmakers in the House and Senate to become cosponsors of the bill, and to sign it into law before the end of this year. For progress updates on the CPI-E Act, visit the Bill Tracking section of our website or follow TSCL on Twitter..As we look to the start of the 117th Congress, my commitment to seniors and workers is to fully support Social Security and Medicare and to oppose cuts to these vital programs. We have many challenges ahead of us. We must keep the economy moving and growing again as we fight coronavirus. Government spending must get under control. And we must ensure Social Security and Medicare works for today's seniors and future generations. There are ways to do both!.It's important for people planning retirement to learn the age in which you would "break even" for taking benefits earlier than age 70 - which is helpful in determining your optimal age to retire - and how much more you would get if you worked a few more years. … Continued