TSCL believes that benefits should be increased, not cut. To do this while providing enough funding to keep the program solvent for another 50 years, 78 percent of TSCL's survey participants favor raising the taxable cap on earnings so that Social Security taxes would be collected on all earnings. Currently only earnings up to 8,500 are taxed for Social Security. "This means the nation's highest earning people, like the CEOs of some of the nation's biggest companies, are pocketing a huge tax break on all earnings over the cap," says Cates..The index used to determine the COLA of retirees does not measure the spending patterns of retirees, but younger workers instead. Retirees, we all know, spend their money differently than younger people and must spend a far bigger share of their budgets on housing and medical costs - two categories of spending that often rise several times faster than overall inflation..Last fall, Republican candidates made a lot of campaign promises: to create more jobs, to roll back federal regulations and to increase energy production. But you didn't see any bumper stickers or yard signs promising to gut Social Security. Yet, the first thing House Republicans did in the new session of Congress was to quietly change a rule that could force cuts in Social Security benefits for millions of Americans by the end of next year. By turning a simple procedural tool into a "doomsday" scenario, House Republicans want to manufacture a crisis in order to justify cuts and to move toward their goal of Social Security privatization, a long-time goal of Wall Street and right - wing think tanks..For years, TSCL has been advocating on Capitol Hill for a more fair and accurate Social Security COLA for beneficiaries. The Consumer Price Index for Elderly Consumers Act legislation introduced by Rep. Michael Honda is a common-sense solution that would better protect the purchasing power of Social Security benefits since it would use a more accurate measure of inflation.."How Republicans' Brilliant Budget Tactic Backfired," Eric Pianin, The Fiscal Times, May 28, 2013..With unemployment still 5.4%, and less payroll tax revenue to finance the benefits of swelling Social Security rolls, how is the program's financing faring during our 2021 economic recovery? The Social Security Trustees are expected to soon release a much-anticipated annual report that gives us our first real glimpse of how the recession caused by the COVID-19 pandemic affected Social Security's retirement, survivors and disability programs in 2020..June 2007.TSCL opposes the BCRA since it would undermine the health and financial stability of older Americans if signed into law. In the days ahead, we will continue to advocate against its passage on Capitol Hill. In the meantime, we encourage our members and supporters to contact their Senators to request their opposition to the bill. Calls from constituents have already made a significant difference in slowing down the movement of the bill through the Senate. Leaders originally hoped to hold a vote on the BCRA by Friday, June 30th, but because they could not secure the fifty votes needed, they have decided to postpone the vote until they return from the week-long holiday recess.."The Earnings Suspense File isn't getting enough attention from Congress," says TSCL Chairman, Ed Cates. "Wages are an important indicator of the extra costs associated with immigration reform," Cates notes. Wage records are used to determine both the number of quarters worked to qualify for Social Security, and to calculate the initial benefit. The wages represented by the Earnings Suspense File would potentially form a portion of Social Security benefits for undocumented workers who later gain legal status.
