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Bipartisan Plan to Fix Social Security Draws Criticism

Bipartisan Plan to Fix Social Security Draws Criticism
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Bill Reintroduced to Shore Up Social Security, Medicare

What You Need to Know Sens. Mitt Romney and Joe Manchin reintroduced the TRUST Act to help prevent a roughly 25% cut to benefits in 2032, when today’s youngest retirees turn 73. The TRUST Act would establish bipartisan bicameral “rescue committees. Revised bill would set a June 1, 2021, deadline for recommendations. The Time to Rescue United States Trusts, or TRUST Act, would establish bipartisan, bicameral commissions to address the long-term solvency of major trust funds. It was reintroduced Thursday by Sens. Mitt Romney, R-Utah, Joe Manchin, D-WV, and Angus King, I-Maine and Reps. Mike Gallagher, R-Wis., Ed Case, D-Hawaii, and Scott Peters, D-Calif.

Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes

Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes
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Congressman, Americans for Tax Reform call on Biden to explain $500,000 in unpaid taxes

(The Center Square) – Rep. Jim Banks, R-Ind., sent a letter to President Joe Biden this week asking him to explain why he reportedly used a tax loophole to avoid paying $500,000 in payroll taxes. In a letter written this week, Banks, who serves as Republican Study Committee chairman, asked Biden, “Do you intend to undo your hypocrisy and pay these funds back to the American people?” Banks said that $13 million worth of income redirected into two S-corporations enabled Biden to avoid paying personal income taxes by directing revenue from book royalties and speaking appearances and not paying self-employment payroll tax liabilities that would have funded Medicare and other federal programs.

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