Duckworth aims to fill Social Security recipients' wallets ahead of COLA-less 2016
U.S. Rep. Tammy Duckworth (D-IL) introduced the Seniors and Veterans Emergency (SAVE) Benefits Act on Tuesday to help senior citizens, military veterans and other Social Security benefit recipients financially through a one-time increase in benefits to help blunt the recent decision not to effect a cost-of-living adjustment (COLA) for Social Security beneficiaries in 2016.
The Social Security Administration said last month that there would be no COLA for 2016. Companion legislation recently was introduced in the Senate by Sen. Elizabeth Warren (D-MA).
“Veterans know not to leave anyone behind, but without congressional action, that’s exactly what our government will do to them — as well as millions of seniors and people with disabilities — at the end of the year,” Duckworth said. “I’m proud to work with Senator Warren to ensure seniors and those who have sacrificed for our nation receive the respect and support they deserve.”
The Duckworth-Warren SAVE Benefits Act would eliminate a loophole that currently exists in the federal tax code that lets corporations write off bonuses paid to executives as business expenses. This change in policy should create enough additional revenue to provide nearly $600 to the approximately 70 million veterans, seniors, people with disabilities and others who receive Social Security benefits. The savings also would beef up the Social Security and Disability trust funds.
“If we do nothing, on Jan. 1, more than 70 million seniors, veterans and other Americans won't get an extra dime in much-needed Social Security and other benefits, and while Congress sits on its hands and pretends that there's nothing we can do, taxpayers will keep right on subsidizing billions of dollars' worth of bonuses for highly paid CEOs,” Warren said. “Giving seniors a little help with their Social Security and stitching up corporate tax write-offs isn't just about economics; it's about our values. Congress should pass the SAVE Benefits Act today to give a boost to millions of Americans who have earned it.”