"Implications of the Payroll Tax Holiday for Social Security," National Academy of Social Insurance, April 201"'Temporary' tax cuts plentiful, and often long term," USA Today, December 8, 2011.."Already in 2020, the companies' PACs have donated .62 million to individual candidates or their affiliated committees. The companies directed another .59 million to broader political groups like the Moderate Democrats PAC or the National Republican Senatorial Committee, and to other drug industry PACs, including PhRMA's.".If adopted, the Seniors Have Eyes, Ears, and Teeth Act would expand Medicare coverage to include essential hearing, vision, and dental care. Under current law, the traditional Medicare program is prohibited from covering these basic health care services, and millions of seniors living on fixed incomes cannot afford to pay out-of-pocket for routine care or assistive technologies like hearing aids..When it comes to strengthening Social Security's finances, Members of Congress only have two choices - to cut spending on benefits, or increase program revenues. Typically in the past, the focus has been on proposals that would cut benefits rather than raising revenues. Proponents of cuts argue that benefits must be cut because Social Security is insolvent as currently structured. They point to the fact that there are fewer workers to provide payroll tax revenues for swelling number of retirees..However, the Biden administration has not received the idea enthusiastically. Jen Psaki, who is the White House Press Secretary, was asked about the proposal to fire the postal service board and she said it was an "interesting question," and that "we all love the mailman and mailwoman," but did not have any further comment..Now, a new fight over the practice has emerged as Health groups and consumer advocates are mounting a lobbying campaign to shape forthcoming federal rules around the ban. These are the same health groups that fought bitterly during the law's drafting about who would pick up the costs they could no longer bill to patients..In short, the Social Security disability trust fund would become insolvent by mid-2021 and the retirement trust fund would become permanently depleted by 2023, just two short years from now..The agreement would make patients responsible only for their in-network cost-sharing amounts for both emergency services, including air ambulances, and some non-emergency care, according to the outline..Publication: How Work Affects Your Benefits SSA Publication No. 05-10069

Blog The Impact Of Falling Energy Prices On States Fiscal Health

If adopted, the Seniors Have Eyes, Ears, and Teeth Act would expand Medicare coverage to include essential hearing, vision, and dental care. Under current law, the traditional Medicare program is prohibited from covering these basic health care services, and millions of seniors living on fixed incomes cannot afford to pay out-of-pocket for routine care or assistive technologies like hearing aids..Phasing in an increase in the payroll tax rate for workers and employers from 6.2% to 7.4% each over a period of twenty years. The gradual growth would mean an extra 50 cents in taxes per week each year for the average worker..But not all beneficiaries are protected by the hold harmless provision. The provision covers about three-quarters of beneficiaries who would not see any change in their basic Part B premiums in 2010, according to the Actuary for the Centers for Medicare and Medicaid Services. But one quarter of beneficiaries would face reductions to their monthly Social Security checks as money is deducted to cover the increased Part B premium costs. And although the "hold harmless" provision provides protection from the rising Part B premiums, that provision of law does not apply at all to Part D drug coverage or Part C Medicare Advantage plan premiums. If a person's Part D or Medicare Advantage plan premium goes up, he or she would have less Social Security to live on in 20An emergency COLA, however would offset those costs and prevent those reductions. … Continued

Fiscal Policy Are Sin Taxes Healthy For State Budgets 636664663

CMS to Save 4.5 Billion Dollars over Ten Years.The Windfall Elimination Provision and the Government Pension Offset were included in the Social Security Act of 1983 to help shore up the Social Security program. I believe this has done little to secure the program and, instead, unfairly reduces the Social Security benefits of millions of public employees. Earlier this year, I reintroduced legislation, H.R. 973, the Social Security Fairness Act, to repeal these arcane policies..But that's not all. Congressional Democrats also want to add dental, vision and hearing coverage to Medicare but that goal is running into resistance from powerful health industry lobbies. … Continued

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