The tax cut, which reduced the Social Security payroll tax for employees from 6.2 percent to 4.2 percent, makes the Social Security trust funds reliant on general revenues and undermines the self-funding nature of the program. Social Security is funded by payroll taxes, and currently faces a billion cash-flow deficit. Extending the tax cut could exacerbate the program's funding issues..Currently, because the Trust Funds are a part of the unified federal budget, Congress regularly uses the "excess funds" those not immediately needed for purposes other than to pay out benefits. TSCL believes that this practice is fundamentally unfair to current and future beneficiaries, and because both programs are facing insolvency within the next two decades, we believe it is now more important than ever for Congress to end the irresponsible practice. TSCL enthusiastically supports the Social Security and Medicare Lock-Box Act, and we look forward to working with Congressman Walberg in the coming months to help build support for it..Wednesday's vote marks an important step in the confirmation process, and she now faces only one more vote from the full Senate. Senate Majority Leader Harry Reid has said that he hopes to schedule a final confirmation vote before the end of the month. The overwhelming display of support from lawmakers on both sides of the aisle on Wednesday means that Burwell's path to confirmation will likely be an easy one. Nonetheless, TSCL will continue to keep a close eye on the process in the coming days..You can also get one-on-one counseling and assistance in applying through your State Health Insurance Program. Find the contact for your area online at: shiptacenter.org..For details, or to see if your Members of Congress will be holding town hall meetings before the November elections, call their local offices. You can find contact information HERE. For more sample town hall questions, click HERE..Sen. John Cornyn introduced H.R. 1190 on January 8, 201It has since been referred to the Committee on Finance..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:.These price increases are very likely to block some patients from affording their medication, following instructions for taking the drugs, result in higher costs for treatment in the future because of not taking the prescriptions as directed, and cause higher incidents of additional health issues and death rates..two separate apartments, consider renting a portion of your home, or following a

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While benefits scheduled in the law for OASI [Old Age and Survivors Insurance] and DI [Disability Insurance] are obligations, such obligations can only be met to the extent that asset reserves are available in the OASI and DI Trust Funds. The law does not provide authority for the trust funds to borrow in order to pay benefits beyond the limited authority for "advance tax transfers.".The receipt for the original purchase with the questioned charge, or if you used a credit card, a copy of the credit card statement..Low-income beneficiaries who are eligible for both Medicare and Medicaid. According to the Congressional Research Service, state Medicaid programs pay the Medicare Part B premiums of about 18% of Medicare beneficiaries. Although this group is not protected by the hold harmless provision, because their state Medicaid program pays their Medicare premium it is not deducted from their Social Security. Increases in Part B premiums would not reduce their Social Security their benefits. … Continued

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Currently there is a 2% tax cut on the Social Security payroll tax workers pay. That tax cut is due to expire December 31, 201Do you favor a further extension, and if so how would you pay for it?.This week, lawmakers in the House and Senate remained in their home states and districts for the week-long Independence Day holiday recess. They are expected to return to Capitol Hill on Monday, July 10th..In 1977 Social Security was going bankrupt because of a flawed benefit formula that raised benefits too quickly. That year Congress passed legislation which changed the way benefits were calculated starting with retirees who were born in 1917 and became eligible for benefits in 197The changes were major and the transition between the old and new method of calculating benefits did not work as anticipated. … Continued

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