December 08, 2015

The Seniors and Veterans Emergency (SAVE) Benefits Act

 

Senator Elizabeth Warren (D-MA) has introduced a bill, S. 2251, to provide a one-time payment to seniors and disabled Social Security beneficiaries, veterans, railroad retirees and individuals receiving Supplemental Security Income (SSI). These individual would receive $581 in 2016. The increase is approximately 3.9 percent of average Social Security benefits, which is the same percentage increase that Wall Street executives received in bonuses last year.

How will the increase be financed?

The increase will be paid for by closing a tax loophole that allows corporations to write off executive bonuses as a business expense for “performance pay.” Closing the loophole will also help extend the solvency of the Social Security old age and disability insurance trust funds.

No COLA in 2016

In October, the Social Security Administration announced that beneficiaries will not be receiving a cost-of-living adjustment in 2016. While prescription drugs and medical expenses are going up every year, beneficiaries will not be getting a corresponding increase in benefits. This is in part because the items used to calculate the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is used to determine the cost-of-living adjustment (COLA), looks at other variables and does not adequately factor in items that seniors consume.

One-time payment in lieu of COLA

The one-time emergency payment is an effort to alleviate the rising costs of consumer goods and provide an increase in benefits in light of the fact that there will be no COLA next year. The Save Benefits Act will help lift 1 million people out of poverty and will give about 70 million seniors, veterans, people with disabilities, and others extra funds with which to help pay for food, housing or prescription drugs.

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2 thoughts on “The Seniors and Veterans Emergency (SAVE) Benefits Act”

  1. I receive about 900.00 stipend for SSDI. Also roughly 350.00 for V.A. Pension. I was refused compensation for years.

    My total is about 1300.00 per month. I bought a modest house. Have a car that is a 1997. I have good credit because I don’t

    Use a lot of credit. I worked hard until disabled. By V.A. Standards I am 140 percent disabled. Broken down means I have

    A disability at 100 percent plus10 percent for 4 other ailments or diseases. My mother live with me and has heart and kidney issues.

    In fact she had a stint placed into her today. To be honest just with what I receive I can just barely meet my needs. I always have

    To do without on something to make it to the following month. I am not a welfare queen. I’d rather work making 800-1200 a week then

    Receiving the little I receive. If 20 percent where taken away there is no possible way I could live as I do now. I would loose

    Everything I have and would become homeless. Hunger can turn one into a criminal because no charity really helps you.

    If given food you may get a handout every 3 months. I’m online now only because the service I use have felt sorry for me and

    Give me a good deal every year. Understand even receiving SSDI takes ones self respect to a degree. Because a few cheat or

    Governmental agencies have placed hands into the SSA cookie jar don’t punish me. How many years will COLA be with held when common sense dictates the cost of e erything rises.

    Along with these costs are taxes we still have to pay. We may not pay payroll tax yet we pay taxes on everything else.

    Why not look into all the tax exempt LLCs that create a church. Work place the amount they would pay in tax. Donate it to the church

    Then place the funds back into household. I’m sure there are more tax free corps etc that steal millions in owed taxes then

    What the government looses on some who don’t work. Why does someone who makes 250,000 a year need with a social

    Security income. They’ve had the money to save for a future. How can the government just take your in me under the auspice you

    Would receive back if needed. A court to decree non contractional. Washington stop wasting money and let the disabled and

    Those that paid into system have what was promised. For a congressman or women to demean us even more to actually believe

    Hand us 300.00 a week over a 1000.00 week employment is outgregious. We are part of the people you are supposed to

    Represent stop treating us as a homeless cat begging for food. Place us all on the street then pay the money to incarcerate us.

    Spend more to give less. That’s the wisdom that steps on our throats. Get together and correct the problem. By less expensive insurence cut down on pensions. Think about all who had their pensions stolen.

    This could be corrected if instead of who’s party is the greatest just work for the common good. Not inact laws for those you

    Find beneficial.

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