Nov 13, 2015 10:13 AM EST
Sen. Elizabeth Warren, D-Mass.presented a bill that would pay social security beneficiaries a one-time stipend intended to balance the absence of a cost living adjustment in 2016. Investment News reported that Warren's arrangement calls for the elimination of a tax reduction that allows companies to discount CEO rewards, authorizing the cash to pay those on Social Security.
The installment which would equalize to $581 per social security beneficiary will become the equivalent of the average 3.9% raise received by the top 350 CEOs, the press release states. Democratic Presidential candidate, Sen. Bernie Sanders, I-Vermont is among the 16 senators (15 Democrats and 1 Free) co-supporting the bill, as reported by Business Insider.
Next year will just be the third time subsequent to the average cost of living adjustment became effective in 1975 that beneficiaries will not get the yearly rise, which alters the sum social security pays out to account for expansion.On the other hand, due to decreased gas prices, expansion (as measured by the Social Security Administration) really declined for the current year.
But inflation may not be the best way to account for how social security recipients spend their money, says CNN, according to Boston.
Seniors don't benefit as much from lower gas costs as a normal American specialist in light of the fact that most of them are no more heading to and from work. Medicinal expenditures have likewise expanded rapidly and a greater percentage of seniors' spending is on health care.
A study by the senior citizens league found out that social security advantages have lost around 22% of their purchasing force since 2000, despite the benefits increases due to the COLA.
Warren argues if Congress chooses to subsidize CEO pay through particular duty treatment and loopholes that allow deductions for corporate rewards, Social Security recipients should get the same treatment.
"Congress's formula is volatile and does a poor job of reflecting what older Americans actually spend", said a release from Warren's office. So even though official government data shows core goods and services are up about 2%, seniors who usually get a raise on January 1 won't see an extra dime next year".
"While Congress sits on its hands and pretends that there's nothing we can do, taxpayers will keep right on financing billions of dollars of rewards for highly compensated CEOs", Warren said in a statement, as reported by Daily KOS.
Regardless of the SAVE Benefit Act's one in a million chances of passing Congress, Warren has quite a bit of her first term in the senate.
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