Minty Bets is joined by College Gameday's "The Bear" Chris Fallica to preview the No. 3 Georgia at No. 2 Alabama matchup on Saturday night.
Minty Bets is joined by College Gameday's "The Bear" Chris Fallica to preview the No. 3 Georgia at No. 2 Alabama matchup on Saturday night.
In March, the 67-year-old brand announced it would close 70 stores, with plans to cut 268 office jobs and furlough more than 1,500 workers.
Black Lives Matter has been a lot of things in its brief, fiery life. A movement that led protests coast to coast, calling for America to get serious about preventing Black deaths at the hands of law enforcement. A heaven-sent resource for people like Helen Jones, desperate for justice after her son died in a Los Angeles County jail.
Red Bull’s Max Verstappen was third.
Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against Vasta Platform Limited ("Vasta" or the "Company") (NASDAQ: VSTA) for violations of federal securities laws.
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Peabody To Contact Him Directly To Discuss Their Options New York, New York--(Newsfile Corp. - October 31, 2020) - If you suffered losses exceeding $100,000 investing in Peabody stock or options between April 3, 2017 and October 28, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/BTU or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or ...
Three days from Nov. 3, here's how eligible voter turnout rate for the 2020 presidential election may compare to past cycles.
YEAHKA LIMITED ("Yeahka" or the "Company", stock code: 9923.HK), a leading technology platform in China, announced that its proprietary consumer cloud and blockchain-powered coupon platform (the "Consumer Cloud Platform") has been included in the fourth set of blockchain information service providers released on 30th by the Cyberspace Administration of China (CAC).
The Centers for Disease Control and Prevention on Friday lifted its "no sail" order on U.S. cruise ships and set out a framework for how cruising could restart.Under the new structure, cruise companies must demonstrate adherence to stringent health and safety protocols including extensive testing, quarantine measures and social distancing. If they meet these CDC standards, first on a series of crew-only test sailings, they will eventually be allowed to resume passenger excursions.The "no sail" order was originally issued March 14 for all American cruises after it emerged that cruise ships played a major role in the initial outbreak of the coronavirus. The ships were remarkably efficient at spreading the virus: On board the Diamond Princess cruise ship in Japan in February, each case of COVID-19 was transmitted to approximately 15 other people. In Wuhan, China -- the original epicenter of the virus -- one person transmitted the disease to about four other people, a recent study published in the Journal of Travel Medicine found.In September, the CDC recommended an extension to the policy until February amid reports of outbreaks on ships in other countries, but that advice was overruled by a White House coronavirus task force.The restrictions on sailings have ravaged the cruise industry with companies reporting billions of dollars in losses as their fleets have remained idled in open waters or in ports. In recent months, cruise executives have been scrambling to put together teams of scientists and health experts to devise comprehensive safety protocols that will allow cruising to return, and they gave a lengthy list of suggestions to the CDC.On Friday, the CDC said the benefits of the new framework outweigh the costs of not allowing cruise ships to sail, providing flexibility for companies that have taken necessary precautions to mitigate risk, while continuing to prohibit operations for those that fail to implement the necessary measures.Here's how the decision will likely impact cruises in the coming months.Q: How soon will I be able to get on a cruise?A: In short, not soon.The first ships to sail in U.S. waters will be simulated voyages designed to test a vessel's capabilities to implement health and safety protocols and prove the cruise line's ability to mitigate the risks of COVID-19 onboard.Cruise lines will not be allowed to commence passenger operations until they meet all the requirements and are granted a conditional COVID-19 sailing certificate issued by the CDC.Most major cruise lines have announced that they will not resume operations until 2021.The largest cruise companies, including Carnival, Royal Caribbean and MSC have canceled their sailings through the end of November. Last month, Carnival canceled all its 2020 cruises, except for those between Miami and Port Canaveral, Florida, which are scheduled to restart in December.Q: What safety measures can I expect?A: The ships will be required to provide rapid laboratory testing of all passengers and crew on the day of embarkation and the day of disembarkation. Onboard testing capabilities will be developed in coordination with the CDC to test all symptomatic travelers, including crew members and future passengers.Under the new order, cruise ship operators must meet standards for hand hygiene, face coverings and social distancing for passengers and crew as well as ship sanitation. Meal services and entertainment venues will be modified to ensure that physical distancing can be implemented.Q: Does that mean I'll have to wear a mask?A: For the test cruises, the CDC said that masks are one of the measures that "may be required by CDC technical instructions or orders," but it does not lay out where and when they might be mandated. Mask use was included among the suggestions from the industry executives to the CDC.Q: What happens if I test positive for the coronavirus?A: Passengers who test positive for COVID-19 before boarding a cruise ship will not be permitted to board. Those who test positive onboard a ship will be isolated and then transferred to a dedicated facility on shore. All remaining passengers and nonessential crew will also be required to go into quarantine. In the spring, some passengers spent weeks confined to their staterooms after cases broke out on board their cruises.Cruise operators are expected to have the proper medical equipment, expertise and training to treat severely ill passengers who contract COVID-19 while on board until they can be safety transferred to onshore medical facilities.Q: Will passengers be allowed to go on shore excursions?A: Initially shore excursions will be closely controlled and limited to private and domestic destinations. Cruise operators are devising protocols to vet vendors for onshore excursions to ensure that they comply with health and safety protocols that are applied on board ships. The measures include physical distancing, sanitation, personal protective equipment, personnel screening and training.On a recent sailing by the Costa Diadema, a ship belonging to the Carnival Corp.'s Italian cruise operation, cases cropped up despite testing after passengers took shore excursions on the Greek Islands. The guests were asymptomatic and tested positive upon reentry into Italy.Under the CDC's new requirements, cruise ships will not be permitted to sail with an itinerary that lasts longer than seven days. This period may be shortened or lengthened based on public health considerations.The health agency's framework applies to cruise ships that intend to operate in U.S. waters.This article originally appeared in The New York Times.(C) 2020 The New York Times Company
Sean Connery, who has died at the age of 90, was known not only for movie roles including the British secret agent James Bond but also for his support of Scottish independence from Britain. "He was a lifelong advocate of an independent Scotland and those of us who share that belief owe him a great debt of gratitude."
The fundraising was to revive the loss-making company and bolster its balance sheet with more than £500m in cash in the face of the coronavirus pandemic.
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Credit Acceptance To Contact Him Directly To Discuss Their Options New York, New York--(Newsfile Corp. - October 31, 2020) - If you suffered losses exceeding $100,000 investing in Credit Acceptance stock or options between November 1, 2019 and August 28, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/CACC or call Faruqi & Faruqi partner James Wilson directly at ...
KIRKLAND, Wash. -- After months of near-isolation inside his senior care facility, Charlie no longer recognizes his wife of almost 50 years. In another nursing home, Susan's toenails grew so long that she could not squeeze into her shoes. Ida lost 37 pounds and stopped speaking. Minnie cried and asked God to just take her.They are among thousands of older people stricken by another epidemic ravaging America's nursing homes -- an outbreak of loneliness, depression and atrophy fueled by the very lockdowns that were imposed to protect them from the coronavirus."A slow killer," said Esther Sarachene, who said she watched her 82-year-old mother, Ida Pasik, wither and fall mute during the months she was confined to her nursing home room in Maryland. "She didn't know who I was."COVID-19 continues to scythe through the halls of long-term care facilities despite an array of safety measures and bans on visitors, put in place months ago to slow the devastation.More than 87,000 residents and workers have died of the virus, which has infected more than half a million people tied to facilities, and new clusters continue to erupt with numbing regularity: 16 people reported dead this month at a nursing home in Chesterfield, Virginia; all 62 residents of a Kansas nursing home infected.At the same time, the damage of solitude is being overlooked, families and advocacy groups say. They say that widespread lockdowns are still necessary to protect people from the virus, but also that facilities must now confront a growing physical and mental toll of social isolation as the pandemic shows no sign of abating.Separation from family and friends is among the hardest deprivations of the pandemic. Experts say the absence can inflict particularly serious damage on people with dementia and Alzheimer's disease, thousands of whom have been confined to their buildings since March.Operators of long-term care facilities say they are facing an impossible choice between depriving residents of vital human contact and inviting the virus inside."We have to walk a very fine line," said Robin Dale, president of the Washington Health Care Association, a trade group that has noted a recent uptick in virus cases in the state's facilities amid a new surge nationally. "We need to work toward more in-person visits, but it is difficult right now."In more than two dozen interviews across the country, long-term care employees described increased confusion, anger and anxiety among residents. Family members said their relatives were deteriorating in short-staffed facilities that have pared back physical therapy, exercise classes and visits into the community.One worker described how a resident told her one evening that she was the first person she had seen all day."Mom's just not there," said Deanna Williams, as she and two siblings headed to the Life Care Center of Kirkland, Washington, to visit their 89-year-old mother, Peggy Walsh, who loved motoring around the country before she developed dementia.Life Care, in suburban Seattle, was the nation's first COVID-19 hot spot in February, a place that gave a first glimpse at how the virus could tear through homes. Forty-six Life Care residents have died.Since the outbreak, as the deaths of residents of long-term care facilities swelled to account for almost 40% of the country's 229,600 coronavirus deaths, Walsh has spent each day sitting quietly in her wheelchair, facing the fence and bushes outside her room.She used to say "I love you" when her children visited and kissed her, but it has now been eight months since they have been able to touch her. Some days, she does not seem to notice when they wave through her bedroom window or dance around with decorative autumn scarecrows to catch her eye."If we could just give her a hug or a kiss on the cheek," another daughter, Colleen Mallory, said. "It's like losing her again and again and again."Life Care has continued to operate throughout the pandemic, though families say its population of 200 patients has ebbed. The initial outbreak that killed dozens of residents and sickened much of the staff has now faded, but families say they still get sporadic notifications of a new infection inside.As Walsh's children chatted at a Starbucks before one morning's visit, their phones suddenly buzzed in unison -- it was a text message from Life Care reporting that one patient and three staff members had tested positive.Life Care Centers of America, which has more than 200 facilities, faces wrongful-death lawsuits from the families of two former Kirkland residents, and federal and state regulators cited lapses in its response to the outbreak.Life Care has disputed the lawsuits and appealed findings by regulators. In September, an administrative law judge in Washington state sided largely with Life Care, saying that the facility had violated some regulations, but that the evidence did not show that care or residents' health had been jeopardized.Nancy Butner, northwest division vice president for Life Care, said the Kirkland facility was doing well and was a top-rate facility. "They are providing a high level of service in a safe environment that ensures peace of mind for our residents and their families," she said.All told, the virus has infected more than 581,000 people at some 23,000 long-term care facilities, which include nursing homes, assisted living facilities, memory care centers, retirement communities and other care facilities for older adults.In the early months of the pandemic, most facilities for older adults banned family and friends from entering their buildings. State and federal regulators issued guidance, restricting visitors and nonessential health care personnel, and canceling communal activities within buildings. In the months since, even as illness and deaths have continued inside some facilities, government restrictions have been eased in many places.Research groups recently reported that thousands of nursing homes were still facing serious shortages of masks, gowns and other equipment. Adding to the risks, nursing home employees are continuing a long-running practice of working in multiple facilities, increasing the chances they could bring the virus from location to location, particularly if the virus spreads more easily this winter.Mark Parkinson, president of the American Health Care Association and National Center for Assisted Living, a trade group, said that despite the efforts of facilities to protect residents, they are in large part at the mercy of their surrounding communities.For now, a patchwork of state and federal guidelines governs how long-term care facilities are handling visits from family and friends of residents. Some let families inside while many only allow outdoor visits, a dwindling option in colder weather.Before, relatives could visit to make sure residents finished lunch and had their teeth brushed. A family member's face and touch can be anchors, experts said, and such a presence helps to engage people's long-term memories."Those familiar faces are what our residents rely on in order to determine whether they are in a safe place or not," said Dr. Jim Wright, a nursing home medical director in Richmond, Virginia, who criticized safety conditions at a facility where he used to work, following the deaths of 51 residents in the spring.Back at the beginning of the pandemic, Charlie Cape could still recognize his wife of 50 years, Linda.Charlie Cape learned he had Alzheimer's disease a decade ago and had spent the past two years at a senior care facility in Sarasota, Florida, where Linda Cape visited him almost every day. A nurse, she would sometimes help feed him, shower him, shave him and periodically give him a pedicure.His weight was stable, she said, about 180 pounds. He could string together some words. He went to gatherings when they were held on his floor, even dancing with his wife to "My Girl" before the pandemic.Then the facility stopped allowing visitors.Linda Cape said that she tried to talk with her husband using video chats but that the technology was intimidating. He did not understand how the iPad worked and would look elsewhere or get up and walk away. On such calls between March and August, she could see he was losing weight and withdrawing. He no longer takes part in group activities, she said. It has been months since she could understand anything he was saying.Linda Cape said she did not blame the facility for banning visitors, adding that she had been impressed with its staff and its communication during the pandemic. The facility, HarborChase, did not respond to interview requests."Charlie doesn't know us any more," she said after seeing him as visits resumed in October. She and her son go every Sunday with a cookie and a Diet Coke, unless Charlie Cape is sleeping. Sometimes, during these visits, Charlie Cape just sits and cries.Some of his decline may be attributable to Alzheimer's, Linda Cape said, but she believes that the long period of isolation from family accelerated its progress. If nothing else, she feels she missed a crucial period of his life when he still knew who she was."I wish that I had had a little bit more time with him, a bit more quality time," she said. "That's my regret."A survey of 365 people living inside nursing facilities around the country found that most no longer leave their rooms to socialize. Three in four residents said they felt lonely.Susan Hailey, 77, is trying to recover from five months of isolation. She moved into the Life Care Center of Kirkland to recover from knee surgery but contracted the coronavirus and watched as her roommate and her closest friend at the facility died of the virus. She fell twice and began hallucinating that dead people were visiting her."I missed talking to my family and touching them, kissing them on the cheek," she said.In August, she moved into a small adult-care home where she has begun learning to walk again. She still has cognitive problems, and cannot read mystery novels anymore because she forgets what happened from one paragraph to the next.But she says she is happy now, and hopeful, and when her two daughters visited one evening, Hailey smiled and asked, "Touch me, will ya?"This article originally appeared in The New York Times.(C) 2020 The New York Times Company
Twenty-five years before he was elected president, Donald Trump went to Capitol Hill to complain that Congress had closed too many tax loopholes. He warned that one industry, in particular, had been severely harmed: real estate.The recent demise of real estate tax shelters, part of a landmark 1986 overhaul of the tax code, was "an absolute catastrophe for the country," Trump testified to Congress that day in November 1991."Real estate really means so many jobs," he said. "You create so many other things. They buy carpet. They buy furniture. They buy refrigerators. They buy other things that fuel the economy."Trump was sounding a theme that has made real estate perhaps the tax code's most favored industry.Legislators lapped it up. Trump and his fellow real estate investors got much of what he wanted, including the ability to fully deduct losses -- sometimes only on paper -- against other income.Trump's low taxes over the years were largely a product of his businesses hemorrhaging money, according to federal tax records obtained by The New York Times. But the records also show that depreciation losses and other benefits for the real estate industry have helped Trump reduce his federal income taxes. In 2016 and 2017, he paid $750.From the beginning, the real estate industry, with its claim to be a bedrock of the American way of life and its formidable lobbying power and lavish campaign contributions, has held disproportionate sway over how tax laws are written.Tax breaks for real estate have been embedded in the federal income tax law for a century. New benefits sprouted up every few years. Even when lawmakers cracked down on business-friendly tax treatment, they often made special exceptions for real estate."The real estate industry has enjoyed the most lucrative tax breaks for decades," said Victor Fleischer, a tax law professor at the University of California, Irvine, and former chief tax counsel for the Senate Finance Committee. The industry "thinks of the tax code as a basket of goodies to feast on rather than a financial obligation of doing business."The perks come in many varieties. One allows real estate investors to avoid capital gains taxes when they sell properties as long as they use the proceeds to quickly buy others. Another gives developers a big break on taxes when they spend money on historical preservation.Foremost among them is a deduction for depreciation, a provision originally included in the federal tax code in response to lobbying by the railroad industry.Taxpayers are allowed to deduct from their annual taxable income a portion of the cost of an asset, such as a locomotive or a building, as well as money spent on improving that asset. If you buy a building for $270,000, you can deduct $10,000 a year from your taxable income for 27 years. A profitable business can actually report losses on its tax returns because of depreciation deductions.The tax benefit was meant to reflect the deterioration in value over time of an asset. But for the real estate industry, it can be a boondoggle: Many buildings kept in reasonable repair increase in value over time, unlike, say, cars or computers.Depreciation is the ultimate tax shelter, critics say, because it permits real estate investors to take deductions for spending other people's money. If a bank lends an investor $70 million to buy a $100 million office building, and none of the principal is repaid for a decade -- a common structure for such loans -- the investor still gets to deduct that $100 million over several years, even though only $30 million of that is his or her own money.In 1962, Congress passed rules that made the depreciation tax break less lucrative when someone sold the asset on which he or she had been taking deductions. But Congress exempted real estate."The real estate lobby always had a stronghold," recalled Donald Lubick, at the time a top tax official in President John F. Kennedy's Treasury Department.Trump has taken hundreds of millions of dollars in depreciation deductions, his tax records show.Most but not all of his depreciation expenses since 2010 stemmed from money he spent improving his golf courses and on transforming the Old Post Office building in Washington into a luxury hotel. Some of that spending was done with nearly $300 million that he borrowed from Deutsche Bank."That's Trump's story," said Michael Graetz, a top tax official in the first Bush administration and now a professor at Columbia Law School. "His losses are somebody else's money."Trump has publicly credited depreciation with lowering his tax bills. "I love depreciation," he said during a presidential debate in 2016.In reality, the fact that his businesses were losing money was a major factor in reducing his taxes.For example, for Trump's commercial real estate properties that reported losses between 2010 and 2018, about half the losses -- $54 million -- came from depreciation, his tax records show.Jared Kushner, Trump's son-in-law and senior adviser, has also benefited from depreciation. The Times reported in 2018 that he most likely didn't pay federal income taxes for years, largely because he took deductions from depreciation.In 1986, Congress reined in depreciation benefits and capped the amount of losses that real estate investors could use to offset other income.The changes were meant to combat a proliferation of tax shelters in which investors put money into real estate partnerships that, thanks to depreciation, generated enormous only-on-paper losses that then canceled out income from other sources."The tax shelters were out of control," said Daniel Shaviro, a tax professor at the New York University School of Law who worked on the Joint Congressional Committee on Taxation and helped draft the 1986 law. "Every lawyer and dentist had one."Knowing the real estate industry would mobilize, the congressional tax committee kept the proposed changes under wraps as long as possible. The industry "was caught flat-footed," Shaviro said. Even so, "I knew they'd get it back thanks to their raw political power."It didn't take long.Trump, who blamed the 1986 law for a subsequent fall in real estate prices and a deep recession, was one of several developers who urged lawmakers to restore the breaks in full.In 1993 Congress restored those breaks. At the same time, it carved out another advantage for the real estate industry. For most businesses, canceled or forgiven debts had to be recognized as income. Real estate investors for the most part got a pass, though they had to relinquish some future deductions. Trump has benefited from those rules, such as when his lenders canceled about $270 million of debt on his Chicago skyscraper, his tax records show.Then Trump ran for president. On the campaign trail, he acknowledged that he had been a big winner from the tax code's favoritism toward the real estate industry. He said his expertise on the subject would help him close loopholes and make the tax code fairer."The unfairness of the tax laws is unbelievable," Trump said in 2016. "It's something I've been talking about for a long time, despite, frankly, being a big beneficiary of the laws. But I'm working for you now. I'm not working for Trump."But Republicans' 2017 tax overhaul, which remains Trump's signature legislative achievement, expanded and enhanced several lucrative tax breaks for real estate developers. For example, while the law barred people and companies from avoiding capital gains taxes by selling one property and buying another, one industry was exempted: real estate.The law was a boon to people, like Trump, who owned golf courses. It permitted real estate investors to immediately write off the full cost of various expenses, including improvements to golf courses.In recent years Trump has also taken advantage of a tax credit that covered 20% of developers' costs of rehabilitating historical structures, which is meant to encourage the preservation of old buildings.Trump has said he spent $200 million transforming the Old Post Office Building in Washington, a designated landmark, into a luxury hotel. That could translate into a tax credit of as much as $40 million, which Trump could use to offset his taxes for up to 20 years. (The caveat is that such tax credits reduce a developer's ability to take other tax deductions in the future.)Trump's tax records show that in 2017 he used at least $1.5 million in historical preservation tax credits. That was one of the reasons his federal income tax bill that year was only $750.The 2017 law made that tax benefit less generous, reducing it to 4% from 20% of the rehabilitation costs. But properties opened before 2017 were exempted. Trump's hotel opened in 2016.This article originally appeared in The New York Times.(C) 2020 The New York Times Company
It's complete with festive sprinkles. 🌲
Early voting has swept across the US in record form, including by a 99-year-old first-time voter. There are lots of lawsuits. News you need to know.
Regular readers will know that we love our dividends at Simply Wall St, which is why it's exciting to see Franklin...
In competitive markets, firms are rewarded for treating their customers well and punished for treating them badly. The former gains in profit and share price; the latter doesn’t. So too in political markets.
Social Security has always seemed like a future problem, with experts long predicting a benefits squeeze in the decades ahead. But the coronavirus has put tens of millions of Americans out of work, and economists are predicting that the recovery will take years.That means the future is now.If nothing is done to shore up the program, all benefit checks would need to be cut by roughly one-quarter in perhaps 11 years -- or, if the recession is protracted and severe, maybe even sooner."We thought we had more than a decade, and now it could be less than a decade," said Kathleen Romig, a senior policy analyst at the Center on Budget and Policy Priorities. "That makes a big difference both psychologically and in policy terms."The pandemic has hastened the cash crunch's arrival by wiping out jobs and the payroll taxes -- Social Security's dedicated source of revenue -- that they provide. Fewer people are paying into the retirement trust fund, and the longer they're out of work, the deeper the problem becomes. (Even more pressing may be a fix for Social Security's disability program, which has a trust fund of its own. A report issued by the Congressional Budget Office last month projects that fund could be exhausted in 2026.)Despite such grim projections, Social Security hasn't received a lot of attention during the presidential campaign, given everything else going on. But whoever wins next week will have little choice but to stretch out his hand toward the third rail of politics. And both candidates have offered ideas that could significantly shift how Social Security works.President Donald Trump hasn't released a proposal, but he has said he wants to eliminate the payroll tax as an expansion of the temporary holiday enacted by executive action over the summer. (Few companies have stopped collecting the tax, which would have to be repaid in 2021.)"At the end of the year, on the assumption that I win, I'm going to terminate the payroll tax," he said in August. Instead, he said, he would pay for the program through the general budget, which could count on "tremendous growth."Trump has stated this on more than one occasion, but Sarah Matthews, deputy White House press secretary, said the president meant only that he wants to forgive the taxes deferred under his order."President Trump will always protect Social Security, as he has stated numerous times," she said.Policy experts are highly skeptical that the payroll tax could be eliminated; it would require congressional action and be politically difficult. But if it happened, Social Security would have to compete for funding in a way it hasn't before."We have a very crowded budget as it is," said Shai Akabas, economic policy director at the Bipartisan Policy Center. "And having Social Security in the mix with everything else puts the program at risk in the future."Joe Biden, the Democratic nominee, has released a proposal that's more moderate than many offered by his party's progressive wing. But it would nonetheless make fundamental changes.Biden proposes an expansion of the payroll tax, but only on the highest earning Americans. Currently, the payroll tax -- 12.4%, split between employees and employers -- applies to the first $137,700 of a worker's earnings. Under Biden's plan, high earners would also have the tax assessed on their earnings above $400,000. (Because the $137,700 threshold rises over time, eventually all income up to $400,000 would be subject to the tax -- in about 30 years, the Urban Institute estimated.)For decades, the amount a worker pays into the system has factored into how much they ultimately receive in benefits. But Biden has suggested that higher earners might not get anything in return for the added tax they pay, a change that would break a link that has been in place since the program began. The issue is still being studied, however, and no decision has been reached."A key principle of social insurance in general -- and the Social Security program in particular -- is that contributions are linked to benefit calculations," said William Arnone, chief executive office of the National Academy of Social Insurance, a nonpartisan group of social insurance experts.Biden's plan also proposes more generous benefits, including a new minimum benefit for new retirees equivalent to 125% of the poverty level, or $15,950 in 2020. He would also allow certain caregivers unable to work full-time to earn Social Security credits. Those provisions and others would immediately lift more than 350,000 beneficiaries out of poverty, according to a recent analysis by the Urban Institute.And all retirees would probably see their benefit checks grow slightly faster. Biden's plan would calculate cost-of-living adjustments using a different price index that more closely tracks the spending of older consumers, like on health care bills.Even with the tax on high earners, Biden's proposal would buy the program only an additional five years of solvency, according to the Urban Institute analysis, although it would soften the benefit cuts that would be necessary if further changes aren't made.Biden's policy advisers, however, said the proposal is something of an opening bid."The vice president's financing proposal shows how he would protect and increase benefits for all Social Security recipients while making a down-payment on long-term solvency," said Gene Sperling, an outside adviser to Biden and a former national economic adviser to Presidents Bill Clinton and Barack Obama.Just about every American has something at stake, or someone close to them who does: Roughly 178 million workers contribute to the program, and, this year, an estimated 45.8 million retirees will receive nearly $70 billion in benefits -- the average monthly check is about $1,500 per month, according to the Social Security Administration.Under current law, retirement benefits can only come out of the trust fund, which will be depleted by 2034, according to Social Security Administration estimates that do not take the pandemic into account. At that point, taxes collected will be enough to pay only 76% of benefits. (A Congressional Budget Office report from September predicted the trust funds would run out in 2031, others, including the Bipartisan Policy Center, project it could be sooner.)The cost of inaction is serious, Akabas said, because as insolvency creeps closer, the changes necessary will become increasingly painful -- tax increases will need to be greater, any cuts more severe."The longer we wait to fix the problem," he said, "the fewer people who can play a role in the solution."About half the population 65 and older live in households that receive at least half of their income from Social Security, according to a 2017 study published in the Social Security Bulletin. Roughly 25% of elderly households rely on Social Security for at least 90% of their income.Joyce Welch, a 73-year-old retiree in Sacramento, California, subsists on Social Security alone. A single mother who raised two sons, she worked full time for most of her life. But her health started to decline roughly 15 years ago because of an undiagnosed autoimmune disease, and within a couple of years, she had to retire from her job as a site supervisor and family consultant at a caregiver support center in Los Angeles.She paid $800 a month to extend her health insurance through COBRA, which she funded with retirement savings that quickly dwindled because of early withdrawal penalties. She eventually applied for Social Security Disability and moved in with her youngest son."I lost my home, my life savings and my independence," she said.Her Social Security retirement check of $1,370 is deposited on the third of each month, and she shops for the month at Costco and a local food co-op. By the 15th -- after paying for her share of rent and other expenses -- she has just a few dollars left.Without the program, she'd have nothing."What happened to me," she added, "is not unique."This article originally appeared in The New York Times.(C) 2020 The New York Times Company
We can readily understand why investors are attracted to unprofitable companies. Indeed, Belo Sun Mining (TSE:BSX...
Securities Litigation Partner James Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Loop To Contact Him Directly To Discuss Their Options New York, New York--(Newsfile Corp. - October 31, 2020) - If you suffered losses exceeding $100,000 investing in Loop stock or options between September 24, 2018 and October 12, 2020 and would like to discuss your legal rights, click here: www.faruqilaw.com/LOOP or call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or ...