Next year, for just the third time since 1975, seniors who receive Social Security won’t be getting an annual cost of living increase. Neither will millions of other Americans whose veterans’ benefits, disability benefits, and other monthly payments are pegged to Social Security.
We taxpayers subsidize huge pay packages for CEOs through billions of dollars in giveaways, including a crazy loophole that allows corporations to write off obscene executive bonuses as a business expense for “performance pay.”
The new SAVE Benefits Act (Sen. Elizabeth Warren/Rep. Tammy Duckworth) would give seniors and veterans a benefits boost without adding a single penny to the deficit simply by closing that performance pay loophole. In fact, closing that tax loophole would create enough revenue to give seniors and vets this 3.9% emergency boost and still have money left over for the Social Security Trust Fund to help extend the life of Social Security.
Think about what this change would mean. A one-time 3.9% Social Security payment is worth about $580 a person next year – a little less than $50 a month. For someone barely scraping by on a $1,250 Social Security check each month, $581 would cover almost three months of groceries, or a year’s worth of out-of-pocket costs for a Medicare beneficiary’s prescription drugs. According to an analysis, that little boost could lift more than 1 million Americans out of poverty. That’s a big deal.
Join us on Friday, January 8th at 4pm Eastern to learn how you can help expand Social Security.