Seniors
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More on Seniors
WASHINGTON, DC - Yesterday, Congresswoman Barbara Lee (CA-13) introduced the Elder Care Tax Credit, a bill designed to ease the financial burden on the growing number of families with multi-generational care-giving responsibilities.
“As Americans live longer, more and more families are responsible for both young children and parents aging in place,” said Congresswoman Lee. “This ‘sandwich generation’ shoulders a heavy financial burden while receiving negligible government support. Most elderly relatives are not classified as ‘dependent’ under the tax code.”
And the winner is: Chained CPI — or a “cut to Social Security” as Democrats in the House refer to it. They don’t care that it means that Social Security benefits will increase at a slower rate. CPI stands for “Chained Consumer Price Index for All Urban Consumers” but so what? It may as well translate into “I’m not voting for this” to House Democrats and particularly Congressional Black Caucus members.
That the idea is a bargaining chip at all in the upcoming negotiations has members hot.
President Obama and House Republicans appear to be closing in on a deal to avert the fiscal cliff, but liberals are not happy with it.
Late last night, the White House offered a plan with two major concessions to Republicans. First, it would hike taxes on the wealthy, but only on income above $400,000, instead of the current $250,000 threshold. Second, and far more controversially, Obama offered to change the formula used to calculate Social Security benefits in a way that would cut outlays to seniors slightly while saving the program $225 billion over a decade.