News

The Trustees estimated that Social Security's Old-Age and Survivors Insurance trust fund, which funds the retirement program, will be able to pay out full benefits until 2035 one year longer than last year's projection. They also found that Medicare's Hospital Insurance trust fund will remain solvent until 2030 the same as last year's projection and that enrollee costs are growing at historically low levels, especially for Parts A and D..To find contact for your Members of Congress or to sign a petition, visit the ACTION CENTER of our website. To find information on key bills and issues, click HERE..Second, the end of the 2020 fiscal year is drawing ever nearer, and Congress needs to pass legislation to fund the government for fiscal year 2021, which begins on September And finally, the end of July and beginning of August, the month that Congress traditionally is in recess..TSCL joins voices with Chairman Sam Johnson in urging President Trump to nominate a Social Security Commissioner immediately. To stay updated on the nomination and confirmation process in the months ahead, visit the Legislative News section of our website every Friday morning..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..Fifty-six percent of participants in a national survey by The Senior Citizens League say they pay taxes on their Social Security benefits. "The tax on Social Security income takes new retirees by surprise," says TSCL Chairman Ed Cates. "This is one retirement expense that must be carefully planned for. The government today taxes the Social Security benefits of a majority of older adults, even people with very modest middle incomes," he notes..News From the Office of Senator Claire McCaskill.Meanwhile, the House of Representatives announced they will also be taking the usual August recess if they get needed legislation passed before then..With my first bill, the Save Social Security Act, we are keeping our promise to our seniors and strengthening Social Security. This legislation eliminates the Social Security tax break for people making over 0,000 a year, while maintaining it for income earned from the current cap of 7,200 up to 0,000. This is a fairer way to extend the life of the program. In fact, the Chief Actuary of the Social Security Administration found that my legislation would extend the program's solvency for another 30 years, keeping it on firm financial footing through 206At that point, it would also close 2/3 of the remaining gap, allowing Social Security to still pay 90 percent of benefits.