In 2016, for only the third time in 40 years, Social Security beneficiaries, veterans, and others will see no cost-of-living adjustment (COLA) in their benefits—despite the fact that their costs of living will go up, and their benefits are already generally inadequate. To ensure that Social Security beneficiaries and veterans are not harmed by the failure of benefits to keep pace with their costs of living, Senator Elizabeth Warren has introduced the Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act), which would give about 70 million Social Security beneficiaries, veterans, and others a one-time, emergency payment of approximately $580, paid for by the closure of a loophole in the taxation of the compensation of the highest paid CEOs. If passed, the SAVE Benefits act would make a vital difference in the lives of seniors, people with disabilities, veterans, children who have lost parents, and others.
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