In addition, one new cosponsor Rep. Marcy Kaptur signed on to Rep. Peter DeFazio's No Loopholes in Social Security Taxes Act, bringing the total to twenty-eight. Rep. DeFazio's bill would subject all income over 0,000 to the Social Security payroll tax, reportedly adding another fifty years to the solvency of the Trust Fund. Currently, the payroll tax is capped at 3,700, and no income over that amount is taxed..In addition, one new cosponsor Rep. William Lacy Clay signed on to the Social Security Fairness Act this week, bringing the total up to 167..Inadequate COLAs have long-term consequences for both retiree finances and health. COLAs affect the amount of total lifetime Social Security income, and that in turn affects the rate of withdrawals from retirement accounts and savings, debt levels. Adequate income in retirement also determines whether individuals have the finances to pay for supplemental Medicare health premiums, out-of-pocket costs and prescription drugs..Those born during the Notch period "saved Social Security" by receiving lower benefits for the rest of their lives. They are the generation that fought and sacrificed during World War II. Now, although they receive lower benefits, they are among the senior age group hit hardest by escalating health care insurance premiums and prescription drug costs..High Dose and Adjuvanted Flu Vaccine Side Effects.So even as this is being written there are reports coming that Congressional leaders are close to a deal on both the legislation to fund the government for the remainder of the fiscal year as well as a new coronavirus economic stimulus bill..In reality, there's no need to cut or privatize Social Security in order to assure its solvency. Social Security could pay its full promised benefits for decades to come if we simply asked all Americans to pay their fair share of FICA taxes. Here's the deal: Ninety- four percent of American workers pay into Social Security all year long on every dollar they earn. The wealthiest six percent do not. They stop paying after their income hits the 8,500 cap. For people taking home million or more, that arrives just six weeks into the year. Some even finish paying just after New Year's Day. This gaping loophole allows billionaire hedge fund managers and corporate CEOs to pay a far lower percentage of their income into Social Security than teachers, police officers and healthcare workers..Why is this important for TSCL supporters?.Our job is to represent you to Congress and keep you informed about what is happening. We rely on you to put pressure on your Senators and Representative when it comes to the legislation we need to have passed.

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If adopted, it would provide beneficiaries with a 2 percent benefit boost, base cost-of-living adjustments on the more accurate Consumer Price Index for the Elderly, create a new minimum benefit set at 125 percent of the poverty line, and eliminate taxes on Social Security benefits for millions of seniors. It would also extend the solvency of the program through the year 2100 without cutting benefits for current or future retirees. TSCL was pleased to see support grow for H.R. 1902 this week, and we hope to see it signed into law before the end of this year..Medicare and other health insurance premiums, including Medigap supplements, Part D or Medicare Advantage plans, and long term care insurance, as long as an employer did not pay the premiums..Social Security's finances depend largely on payroll taxes, tying the strength of Social Security to the strength of the U.S. economy. The U.S. unemployment rate was more than 13.3% through May. That was worse than the 2009 Great Recession, when the unemployment rate reached a peak of 10.6% in January 20With 20.5 million people out of work, combined with a higher number of new claims for benefits as older unemployed workers turn to Social Security, there will be a significant impact on the finances of the Social Security Trust Funds. The degree of the impact depends on how long it takes to get our economy safely up and running again. … Continued

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I realize this is a serious problem, and I'll try to get some help for it, but first I'll check my e-mail..Why did Dad get a bill for ,944 after his recent hospitalization due to COVID-19? I thought emergency legislation required coronavirus care to be covered by Medicare. Dad is enrolled in a large Medicare Advantage plan..During the August break an old and ugly threat to Social Security and Medicare surfaced once again. The Congressional Budget Office released its forecast of future federal government deficits. It said that deficits are expected to climb to over trillion in fiscal year2020, which begins this October And they will keep going up in the years after that. … Continued

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