On January 1, 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.
Two-thirds of retirees depend on Social Security to pay for the basics: to put food on the table and keep a roof over their heads—but seniors who usually get a small boost on January 1 won't see an extra dime next year.
The Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act) would:
- Provide seniors and veterans with an emergency, one-time 3.9% payment in 2016 (approx. $581/person). 3.9% is the average raise that America's top CEOs received last year.
- Fully cover the cost of increased payments by closing the tax loophole that allows corporations to write off obscene executive bonuses as a business expense for "performance pay."
- Extend the life of Social Security by bolstering the Social Security and Disability trust funds.
–Senator Elizabeth Warren
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