News

In the days and weeks ahead, TSCL will be keeping a close eye on the evolving tax reform discussions on Capitol Hill and we will continue to advocate for policy options that would ensure the financial security of older Americans, like the three mentioned in last week's legislative update. For progress updates, visit the Legislative News section of our website or follow TSCL on Facebook or Twitter..An ongoing study of the buying power of Social Security benefits, a special project of TSCL, has found that, since 2000, COLAs increased Social Security benefits by a total of 46%, but the typical expenses of older households grew more than twice as fast - 96.3%. For every 0 a retired household spent in 2000, the same household can only buy about worth of goods and services today..Increasing the payroll tax rate. Survey results have also shown strong support for a gradual increase in the payroll tax rate from 6.2% to 7.4%. An increase of that size would amount to an extra 50 cents per week for the average worker an amount that most feel is fair and practical..Despite the optimistic attitudes of the five expert witnesses, those on the Subcommittee seemed hesitant about revamping the payment system this year. One Subcommittee Member, Rep. Michael Burgess stated: "This term, I've seen more work done on this problem than I have any other time that I have been in Congress, but we're still pretty far away from the goal that we all expect to achieve." He went on to say, "We're not likely to end up doing something that will provide that … long-term replacement for the SGR by December 31.".To maximize your deductions, plan to take a quiet moment to organize your health expense paper work and get up to speed on allowable medical expenses. Even the most compulsive record-keeper can miss some. Remember that any unreimbursed premiums you pay for Part A, Part B, Medicare Advantage Plans, Medigap and Part D plans are deductible. In addition, here are a few of the commonly missed deductions, but be sure to talk to a professional tax preparer or financial advisor to check the availability of any possible deductions for you:.In the coming days, TSCL will be keeping a very close eye on the movement of the omnibus spending bill. If lawmakers fail to reach an agreement before the December 11th deadline, the federal government will shut down once again, potentially impacting the timeliness of Social Security checks and reimbursements to doctors who treat Medicare patients..Our annual Senior Surveys indicate overwhelming public support for the major provisions of The Social Security 2100 Act. And based on your comments and email, that's pretty much the case, no matter which political party you happen to vote for. It's vital for all of us to make sure your Member of Congress knows how you think Social Security and Medicare should be "rescued." Please take our 2020 Senior Survey..Here's how it works. Undocumented immigrants use illegally obtained Social Security numbers to get jobs. Employers report earnings to the Social Security Administration as required by law. Those wages are used to calculate benefits when a worker files a claim. But when the Social Security Administration receives a name or SSN on a W-2 that does not match the agency's records, the wage report goes into an earnings suspense file while attempts are made to reconcile the discrepancy..Romney's bill would not tackle changes to the programs directly but would require Congress to set up "rescue" committees. The committees would be tasked with evaluating proposals and writing legislation to extend the solvency of the Trust Funds - which include the Social Security retirement, survivors, and disability trust funds and Medicare hospital insurance. At least two members of each party would be required to work on the legislation, and any qualifying bills that are written, would get expedited consideration in both the House and the Senate.