We will be putting out more information about this in the next few days and we are working on what we believe is a realistic solution to the COLA problem. Please be looking for that information. ."Failing to raise the U.S. debt ceiling could be disastrous," warns The Committee for a Responsible Federal Budget, a group made up of leading U.S. economists, retired economic policy experts, and former Members of Congress concerned about reducing federal debt. If Congress fails to lift or suspend the debt limit in time, the inflow of Social Security and Medicare payroll taxes won't be sufficient to cover daily obligations. That could mean the U.S. Treasury could default on Social Security payments as well as payments to Medicare health plans. .What Was I Thinking? .Every other developed country has evolved schemes to set or negotiate prices, while balancing cost, efficacy and social good. The United States instead has let business calculations drive drug price tags, forcing us to accept and absorb ever higher costs. That feels particularly galling for treatments and vaccines against COVID-19, whose development and production is being subsidized and incentivized with billions in federal investment. .This week, one new cosponsor – Rep. Suzan DelBene (WA-1) – signed on to Rep. Peter DeFazio's (OR-4) No Loopholes in Social Security Taxes Act (H.R. 1029), bringing the total up to thirty-one. If signed into law, the bill would extend the solvency of the Social Security Trust Fund by subjecting all income over 0,000 to the Social Security payroll tax. Currently, the payroll tax cap sits at 7,000, and no income over that amount is taxed. .TSCL Supports Bill To Kill The Medicare Cutting Board .Tests are underway in up to 26 states to move as many as 3 million "dual eligibles" — people who receive both Medicare and Medicaid — into managed-care health plans. .To quickly determine whether a portion of benefits is taxable, taxpayers should take their adjusted gross income, and add any nontaxable interest, plus one - half of Social Security income. If the amount is over the thresholds shown then a portion of benefits are taxable. (For more information, see IRS publication 915 Social Security and Equivalent Railroad Retirement Benefits for worksheet and help in preparing tax returns). .Under current law, if an illegal immigrant eventually gets a work-authorized Social Security number through "guest worker" immigration legislation, or work covered under the Totalization Agreement, that worker could then eventually apply for Social Security benefits once eligibility requirements are met. Regardless of citizenship status, once an immigrant has a "work-authorized" Social Security number, that person may claim credit for all earnings, even those earned while working illegally.