Extending the solvency of Social Security, along with lower prescription drug prices, has been at the top of TSCL’s agenda for several years so we are pleased the Senate is addressing those issues in this bill.
The way the bill would extend solvency is complicated and has to do with closing a tax loophole frequently used by law firms and other partnerships.
Under current law, the Medicare hospital trust fund is to become insolvent by 2028. Reportedly, this new legislation would provide funding to extend that to 2031. While that is better than nothing, it falls far short of the kind of solution that is really needed to protect and preserve Social Security for years to come.
Once the new bill is released TSCL will carefully review it to determine whether we will support it.