Racial Equity And Health Policy Press Release New Brief Examines Covid 19 Risks And Impacts For Health Care Workers By Race And EthnicityBy Jamie McMillen, TSCL Legislative Assistant.The loss of buying power is an early indicator of whether the Social Security COLA will climb in the following year. Based on consumer price index data through May of this year, we estimate that the COLA for 2019 will be about 3.3%, the highest since 201However, that number could change, since there are still several months of price data to be released before the Social Security Administration announces the COLA in October..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
Medical Services Chronic And Advanced Illness Seniorcare Transitions Care Team"Medicare Beneficiary Savings and the Affordable Care Act," Department of Health and Human Services, February 201"Reliance on Capital Gains and Dividend Income Tends to Rise with Age," Tax Foundation, December 2005..I was diagnosed with cancer in 2019 which required surgery and considerable follow-up treatment. I also required extensive dental work during the year. My medical and dental expenses alone totaled more than ,000, and that does not include my husband's premiums and out-of-pocket costs, which were close to ,000. Will we be able to deduct these expenses on our income taxes? We were unable to deduct our routine medical costs last year..To help protect the buying power of earned benefits, The Senior Citizens League is fighting proposals to cut COLAs. TSCL has developed an online calculator for the public to learn how much a COLA cut would cost in Social Security income. Visit seniorsleague.org/chained-cola-calculator/. … Continued