News

Gradually Raising the Payroll Tax Cap: The payroll tax cap has not kept pace with changing income patterns over the past few decades, so it makes sense to adjust the maximum taxable wages to realign them with the originally intended level. Gradually raising the cap to cover 90 percent of the nation's taxable earnings by 2050 would allow it to once again represent the same percentage of that figure that it did as recently as the early 1980s..What Happens If The Supreme Court Rules Against Obamacare?.A growing number of workers expect to rely heavily on Social Security for most of their income, but three-quarters of current retirees are receiving reduced benefits. The retirement age is gradually rising to 67 and, by taking benefits when first eligible at age 62, beneficiaries settle for permanently reduced benefits. Delaying benefits until "full retirement age" or thereafter is the best way to maximize benefits. For example at full retirement age retirees due a monthly benefit of ,000 would receive only 0 at age 62 if they took it. Individuals who can continue to work and delay retirement until 70 can receive a benefit ,320 instead. But even the individuals who wait until age 70 to allow benefits to grow to their maximum, would still be living close to the federal poverty level if Social Security is their only income..Is it safe to shop for senior housing or to refinance a mortgage for overdue renovations of an older home, or should we focus of paying off the mortgage of an existing home? I'm still working and I'll turn 62 this year..Hospitals and other medical providers were forced to stop routine "non-urgent and elective care" earlier this year to preserve scarce personal protective equipment and to avoid the risk of spreading the coronavirus. Once considered a sector of the economy impervious to most economic disruptions, these lost visits have become a financial crisis for many healthcare providers..On Wednesday, the Energy and Commerce Health Subcommittee met to discuss reform of the Medicare physician payment system with a panel of five experts. The hearing, entitled "Using Innovation to Reform Medicare Physician Payment," focused on ideas from the private sector..The new cosponsors are: Sen. Jack Reed, Reps. Mark Takano, James Langevin, Ed Whitfield, Patrick Meehan, William Keating, Duncan Hunter, Anna Eshoo, Sam Farr, Raul Grijalva, John Larson, Billy Long, Michael Honda, David Price, Daniel Lipinski, Jan Schakowsky, Rosa DeLauro, and Ed Royce..The Biden administration announced last week that it will begin distributing a limited number of Covid-19 vaccine doses directly to retail pharmacies across the nation..Two years is a long time for even Members of Congress to go without a paycheck giving them a good incentive to bury the budget hatchet. The government will again reach the federal budget limit later this fall. A group of Republican senators have been meeting privately with the White House to lay the groundwork for a deficit reduction agreement. President Obama included a proposal to cut Social Security cost-of-living-adjustments in his fiscal year 2014 budget. GOP leaders are trying to work out a compromise on a new spending agreement. TSCL is fighting COLA cuts and visiting Members of Congress. We urge you to send letters to the editor of your local media to educate the public on the importance of the COLA and to use examples of rising costs that illustrate the erosion in the buying power of your benefits.