About State Legislatures Model Code Of Conduct For Legislative StaffThe CBO estimated last November that if lawmakers wished to raise the amount of covered earnings subject to the payroll tax to 90 percent of covered earnings, then the taxable maximum would need to be set at 6,400 in 2017 and to rise to 5,000 by 202"Legislation was introduced in December that would impose deep benefit cuts," Johnson notes, "but had no provisions to provide new revenues. " "Lifting the taxable maximum cap would provide new revenues to Social Security and it could also provide a modest boost to Social Security benefits, and more adequate COLAs to all people when they retire," Johnson points out. "Our lawmakers should not be allowed to hide this option under the rug," she says. "Raising the payroll taxable maximum is the means of providing greater retirement security and long - term program solvency, " Johnson says. "We can save Social Security without the deep cuts.".President Barak Obama included a proposal in his fiscal year 2014 budget that would have reduced Social Security benefits by using the more slowly-growing chained consumer price index to calculate the Social Security cost-of-living adjustment. An estimate produced for TSCL projects that "chaining the COLA" would cut Social Security benefits by about 9% over a 30-year retirement. Although the proposal has been under discussion for several years, it has not passed, primarily due to fierce resistance from older voters..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. … Continued
Cambridge Medical Center Services CardiologyThe other good news for seniors last week was the apparent victory of TSCL and other groups to stop the payroll tax cut. President Trump has been demanding the cut for months, and he had stated that he would not sign any new pandemic relief legislation if the payroll tax cut were not included..don't start feeling better..TSCL continues to meet with Members of Congress this year asking them to support provisions that would bar payment of Social Security benefits based on illegal work. Stay up-to-date, sign up for TSCL's e-alerts and e-newsletters. … Continued