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Insider's Report: Millionaires will be celebrating the rest of the year Two weeks ago, Americans with wages exceeding $1 million stopped paying into
Social Security for the year. That's because anyone earning at least that much
hit the Social Security payroll tax cap of $137,700, barely seven weeks into
2020. In stark contrast, the average American worker contributes payroll taxes
all year long.
The payroll tax cap [link removed] prevents billions of additional dollars from flowing into the Social Security
trust fund,which is projected to be able to pay about 80% of benefits beginning in 2035 if
Congress takes no action. While some on the political right have advocated
cutting benefits and raising the retirement age to address the shortfall, the
National Committee believes that benefits should be boosted and the program's
solvency strengthened by lifting the payroll tax cap — so that millionaires pay
their fair share into this program.
Currently there is legislation in Congress to address this unfair
issue. Senator Bernie Sanders (VT) has introduced the "Social Security Expansion Act (S. 478)," [link removed] which would subject earned income over $250,000 to the Social Security payroll
tax and over time eliminate the cap on Social Security taxes. Representative
John Larson's (CT-01) "Social Security 2100 Act" (H.R. 860) [link removed] would apply the payroll tax to wages above $400,000, then phase out the cap
altogether. Both bills would modestly increase Social Security benefits and keep
the system solvent for decades to come.
These bills represent a bold step on behalf of older Americans by
strengthening and safeguarding Social Security for current and future
beneficiaries while at the same time making important improvements in the
adequacy of the benefits the program provides. [link removed] Please consider becoming a member now [link removed] to help us keep the pressure on Congress. Your continued support is essential to
the National Committee's mission of protecting your earned benefits. Good Bills
The National Committee endorses the "Maintain Access to Vital Social Security Services Act" (H.R. 2901 / S. 1616), [link removed] introduced by U.S. Representative Gwen Moore (WI-04) and Senator Tammy Baldwin
(WI). This bill would make it harder for the Social Security Administration
(SSA) to summarily shutter Social Security field offices across the country,
which provide crucial customer service centers, without congressional oversight
and input from local communities.
The bill includes: A moratorium on field office closures;
A binding 180-day public notification and comment period before any field office is closed; and
Congressional oversight of the General Services Administration (the "realtor" for the SSA), which often claims there is no office space available nearby for relocating field offices.
According to Representative Moore, "Social Security Administration (SSA) office closures do nothing but create
hardship for seniors and other beneficiaries who may struggle to travel long
distances or have medical, work, and childcare obligations that make long wait
times and overcrowding prohibitive."
Currently there is very little oversight when the SSA closes a field office.
This bill would adopt a procedure that's similar to how the U.S. Postal Service
closes post offices. Before a post office is closed, there is a process
including a government review and public comment period. Local residents can
give input on the potential impact of the closures — something that is not
currently required for the closure of a Social Security field office. So this
bill is a crucial step toward reducing the number of Social Security field
office closures around the country. Poll Results!
During the State of the Union address on February 4, 2020, President Trump
proclaimed, "We will always protect your Medicare and your Social Security." Yet, the President's proposed fiscal year 2021 budget plan [link removed] cuts $478 billion from Medicare, $1 trillion from Medicaid and $90 billion from
Social Security Disability Insurance (SSDI) and Supplemental Security Income
(SSI) benefits over 10 years. This mixed messaging is confusing for millions of
older Americans who are counting on their benefits for a secure and healthy
retirement.
That's why we asked our readers the following question in the last issue of Benefits Watch:
Do you believe the President's fiscal year 2021 budget plan, which also includes
dramatic new spending on space expeditions to Mars, increased permanent military
spending and expensive tax breaks for the wealthy, recognizes the real and
growing needs of retirees and working Americans?
The results from our recent poll are fascinating, but they're only available to National Committee members! Join the National Committee today [link removed] and we'll immediately give you the results of this important poll. Ask Us
Did you know that a team of experts in the field of Social Security policy is
available to answer your questions about benefits? For 37 years, the National
Committee has been helping thousands of our members and supporters with a broad
range of concerns on Social Security.
Whether you're currently retired or approaching retirement, the National
Committee's "Ask Us"section can help answer your questions about Social Security. You can either
search our archives for valuable advice on a broad range of concerns at www.ncpssm.org/ask-us-recent/ [link removed] or email your question to
[email protected] mailto:
[email protected]?subject=.
This week's question is: My 82-year-old mother is living at a seniors housing apartment in another state.
She has been diagnosed with Alzheimer's and is getting progressively worse. She
will soon need a home where she can be taken care of. I am retired, living on a
fixed income and am unable to personally care for her. What, if any, options do
I have for her and where do I start?
Click here to read the answer. [link removed] Recent Headlines
Veterans Rely on Social Security and Medicare, Too [link removed] (February 25, 2020, www.ncpssm.org, [link removed] Entitled to Know blog)
Medicare's Private Option Is Gaining Popularity, and Critics [link removed] (February 21, 2020, The New York Times, Mark Miller)
Schumer calls for Medicare to cover coronavirus vaccine that is still in development [link removed] (March 1, 2020, Politico, Dan Goldberg)
Trump Promises to Protect Social Security and Medicare. Really? [link removed] (February 13, 2020, WMNF, audio clip with Max Richtman)
Dodging Social Security at the Debates [link removed] (February 25, 2020, WTMA, audio clip with Dan Adcock)
Americans are skipping medically necessary prescriptions because of the cost [link removed] (February 27, 2020, CNBC, Megan Leonhardt)
With less savings and longer lifespan, women must take 4 key steps to shore up retirement [link removed] (March 2, 2020, CNBC, Ilana Polyak)
[link removed] [link removed] [link removed] [link removed] Member contributions to the National Committee, a nonprofit 501(c)(4)
organization, are not tax-deductible.
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