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Let Seniors Work Act of 2015 is a bill that aims at eliminating the payroll tax for different individuals that have attained the retirement age. In fact, the bill tries to amend title II of the social security Act in order to remove limitation upon the amount of outside income that an individual may earn while at the same time receiving benefits under such title. The bill is registered as H.R. 1395 and its latest action was on 17th March 2015. The Bill was referred to the House of Committee on ways and means. The Bill is being proposed at a federal level.
The legislation goal is to eliminate social security payroll tax for different individuals that have reached the age of retirement. This bill will thereby incentive mature Americans as well as seniors to stay a little bit longer in the workforce and this will enable them to be able to save more money as they approach a very critical stage in life.
Currently, individuals that are 65 years and older continue to pay social security taxes while they at the time receive no benefits in return. It is critical to recognize that seniors between the ages of 63 and 65 who make in excess of $15,000 per year often get an additional 50% tax and this is on top of all the other taxes that are paid with RET, the retirement Earnings Test.
The bill’s goals is to abolish the current bills regarding the seniors and lead to what can be described as an important step towards reform because it prevents individuals that want to work more from being overtaxed. The bill recognizes that it is important for the government to continue to support initiatives that help American seniors to prepare well for their retirement and are able to accumulate additional funds which will help supplement their retirement income.
It is critical to recognize that indeed the legislation intends to look at the senior’s general lifestyle and ensure that it is improved. Seniors have contributed immensely to the development of the United States and consequently, there is a need to ensure that they are treated with dignity and respect. One of the issues that can ensure that this indeed happens is by ensuring that the taxes on working seniors are eliminated.
One of the implied values of the Legislation will be to ensure that America is a working population. It is common knowledge that the elderly are known to have immense knowledge and experience in businesses. The legislation intends to create financial security for the senior citizens which are extremely important. It is critical to understand that the creation of financial security will be positive to the American economy as more elderly will not depend directly on the handouts from the government.
Currently, these handouts are costing the government a fortune and this legislation gives the Seniors a chance to make more money without being excessively taxed. Further, it can be stated that the legislation intends to create different incentives in order to indeed ensure that more experienced workers do not leave the workforce early. This is an implied value and there is a need to ensure that it is fulfilled in order for the economy of the United States to leap to higher grounds.
The American population is growing old, and an increasing share of the workforce is going past the retirement age. There is no need of punishing these hardworking citizens with high taxes instead they should be encouraged to work more in order to create more financial security for themselves. This legislation will reduce the amount of taxes being collected annually. It is critical to recognize that the seniors that are in the workforce contribute a sizable amount of taxes to the economy.
However, at the same time it can indeed be argued that there will be a growth in the economy as more elderly employees will want to work harder in order to better their chances of getting a relatively stable financial life after they retire. The elimination of the unnecessary tasks that currently stands at 12.4% for social security payroll tax will see more workers in the scene which is needed in America’s workforce.
Therefore, Let Seniors work act of 2015, will be important in the repealing of this excessive tax, and making it more advantageous for seniors that want to work as well as plan responsibly for retirement. The people that continue to work past their retirement age will be able to have a chance to bolster their personal retirement savings and consequently, they will decrease their overall dependence when it comes to the federal assistance programs.
Therefore, in terms of finances, there might be a reduction in the revenue collected from the seniors, however, the seniors will be more independent and there will be reduction of the dependence that exists on the federal assistance programs.
This legislation affects the elderly that wish to continue with work after retirement. This will be especially important to the people of color and minority groups. At retirement age, these groups of people are often known not have accumulated a lot of money for their retirement. Therefore, this legislation intends to give the people that are disadvantaged in the society, a chance to make more money for their retirement without the unnecessary burden of having a lot of taxes on their head.
Further, it is critical to understand that most people in the United States that work well over their retirement age are often in the middle and lower class. Therefore, for this reason, the bill gives the financially disadvantaged persons in the society a chance at redemption, this is critical to understand because at the start of the retirement period, these people in most instances have not saved. Therefore, there is an importance that comes with this legislation to the people of color and people that are disadvantaged financially.
It is no secret that the American workforce is by the day growing older. The baby boom generation has passed middle age and the generation has a rising percentage of the employed population being older than the age of 60. From a low point of around 6 percent, it is important to note that the Americans past 60 have been able to climb effectively past 10 percent.
13% of the employed population will be over 60 years in the next decade. The society has two reasons for the surge in older works. Firstly, the large size of the baby boom generations means that indeed the number of Americans that are attaining age 60 is climbing in a steep manner. The second reason is that labor force participation rates among the adults between the years 60 and 74 have increased and this is notwithstanding a weak economy.
This legislation therefore looks at several different social conditions such as poverty levels. The seniors are given a chance to make more money and therefore, they will be more economically stable. This is the root of the American dream and consequently, it will be extremely important for the elderly to get more room to create more money without being suppressed by unnecessary taxes.
The bill aims at amending title II of the Social Security Act referred to as the Old age, Survivors and Disability insurance of the security acts. The legislation intends to eliminate the payroll tax for elderly individuals that have attained retirement age. The old age, survivors and disability insurance originally put the payroll tax for the retirement age. The bill also amends title of the social security Act in that it removes the different limitations on the amount of outside income that a beneficiary can earn without necessarily incurring a reduction in benefits.
The legislation was introduced by Senator Marco Rubio and has been supported by Ron DeSantis. These tow are republicans in the Florida delegation. The U.S representative Ron DeSantis was the one that reintroduced the ‘Let Seniors Work Act’. According to DeSantis, there is a need to ensure that seniors are not punished because they have decided to continue to contribute in an immense way to the American economy past the retirement age.
In fact, De santis, argues that the 12.4%, tax which is placed o the seniors creates an unnecessary burden on the seniors and consequently discourage participation in the workforce. Therefore, with the provision of greater freedom and flexibility in the workplace, there will be a domino effect that will strengthen the economy. DeSantis in regards to the proposed legislation further states that Older Americans that have spent their whole lives while paying into social security should be given an opportunity to leave the workforce when they come to the retirement age, further, they should also be given the choice to continue to work well into their golden years without necessarily having to pay social security taxes or getting hit by the Retirement earnings Test.
Rubio on the issue of the legislation argues that the current taxes are punitive and the elimination of these two anti-senior and anti-growth measures actually make a lot of sense especially in the 21st century where people are being able to live longer and having more productive lives as compared to previous generations.
The Bill was co-sponsored by two congressmen, the first was the United States representative Ander Crenshaw and U.S representative Trent Franks who represents Arizona. In the senate, Mike Lee who is the representative of Utah co-sponsored the bill in the Senate.
The reason for Mike Lee to co-sponsor the bill is to ensure that indeed there is more that is done to ensure that the elderly in the United States are well protected. They are often prone to a lot of financial quagmire and this is mainly because of the hefty taxes that they have to pay if they decide to continue working.
There is a need to create a leeway for them in order to make sure that they are economically stable at retirement. Mike Lee further continues to argue that this will be crucial as it will effectively reduce their dependence on aid and handouts from the government. The experience that they bring to the workforce cannot be underestimated.
Therefore, elderly employees that decide to get out of their comfort zone and look for that extra dollar should be allowed to do so without necessarily being a target for taxes that are redundant and oppressive.
The legislation is an issue of social justice. It is of the essence to understand that most disadvantaged seniors are the ones that decide to work well past their retirement age. This is because most of the times they believe that they have not saved enough for retirement and consequently, they try to make an extra dollar to ensure that they have enough money to comfortably live on.
Therefore, for this reason, there is a need to give them a smoother way of getting the money because at the same time they are contributing to the economy. For this reason, the legislation, ‘Let Seniors Work 2015’ aims at ensuring that indeed social justice occurs and that those that are disadvantaged in the society are given a chance at redemption. They are given to make more money that they can live with comfortably and in the process not depend on the handouts that are given by the Federal government.
The legislation supports the principle of equality which fits in proper with the conceptions of social justice. There is no discrimination of who can work after their retirement age, and persons of color in this legislation are more likely to take this opportunity and reduce the income inequality gap that exists between the races.
Rubio and Desantis when proposing this legislation had the concept of social justice in mind and wanted to change a society that does not value seniors and where seniors are seen as sucked sugarcane that has no benefit to anyone. This legislation can be said to give a voice to the seniors and make their lives more comfortable and worthwhile.
I believe that this legislation is both timely and needed in America Today. This is because seniors have over the years been neglected when it comes to employment. In fact, there are a lot of American seniors that would love to work well beyond their retirement age, however, this has not been possible as a result of the excessive taxes that are piled on them.
However, it is critical to recognize that with this legislation, more seniors will be able to access the job market and continue to work in order to make their retirement period more relaxing and financially stable.
Most at times the seniors that want to work pas their retirement are often those that have not saved enough. Persons of color and minority groups are the ones that mostly fall under this category. Therefore, the bill in some way gives social justice to the persons that are disadvantaged in the society; it gives them a chance at ensuring that they save enough to protect their families from an economic disaster when they retire. The legislation gives equality to all persons in the United States and therefore, I believe that indeed this legislation should be passed and it should become law.
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