Tom Koos will protect and strengthen Social Security, protect private-sector pensions that seniors have worked for their whole lives, and promote private savings. Koos also will safeguard from discrimination those who choose to work past the age of 65, and urge younger workers to save more. Tom Koos embraces fellow candidate Barack Obama's bold plan on honoring and strenghtening Social Security.
As president Tom Koos will:
Protect and Strengthen Social Security. Social Security is indispensable to our workers and our seniors. It is a great reflection of our values as a country. Tom Koos will make sure Social Security is solvent and viable for the American people, now and in the future. Two-thirds of beneficiaries depend on Social Security for more than half of their monthly income. Tom Koos fought against President Bush's efforts to privatize Social Security. As president, Kooswill preserve Social Security by stopping any efforts to privatize it. Koos will work in a bipartisan way to maintain Social Security's solvency for future generations.
Secure Hard-Earned Pensions. Koos will insist that companies keep the promises they have made to their employees. He will amend bankruptcy laws to keep companies from filing for Chapter 11 in order to avoid obligations to their workers.
Eliminate Income Taxes for Seniors Making Less Than $50,000. Since the New Deal we've had a basic understanding in America: If you work hard and pay into the system, you've earned the right to a secure retirement. But too many seniors aren't getting that security, even though they've held up their end of the bargain. Lower and middle income seniors are struggling as their expenses on health and energy skyrocket while their incomes do not keep pace. This strain has been greater since 1993, when taxes on social security benefits were raised. Millions of seniors saw their net benefits go down.
Seniors also had to take on the added strain – and sometimes cost of filing a complicated tax return. And after going through all of these complicated calculations, many seniors find that they owe little or no tax, meaning that all of the hassle was for naught.
Tom Koos will eliminate all income taxation of seniors making less than $50,000 per year. This will provide immediate relief to 22 million American seniors who will not need to file an income tax return, and will eliminate any income tax for nearly seven million seniors at a savings of roughly $1,400 each year. For many seniors, this will eliminate the need to hire a tax preparer, resulting in even larger savings.
Encourage Retirement Savings. The personal saving rate is at its lowest level since the Great Depression. Only 55 percent of Americans working full-time hold a job with a retirement savings plan; the percentage is even lower for part-time workers and minorities. Tom Koos wants to make saving for retirement easier, cheaper, and more automatic for middle-class workers who get only minor tax benefits to save. In one study, automatic enrollment increased participation from 12 percent to 79 percent for low-income workers new to the company. Tom Koos supports automatic enrollment in IRAs for employees who are not covered by 401(k) plans and improving the Saver's Tax Credit so more low- and moderate-income households can save for retirement.
Protect the Social Security Benefits of Public Employees and their Families: Tom Koos believes that we have a responsibility to take care of workers who have devoted their lives to public service and that we shouldn't be discouraging our young people from working in these essential jobs.
Prevent Age Discrimination: More than 38 million men and women age 50 and older are in the labor force. More than 33 percent of men and 23 percent of women ages 65 to 69 decide to continue working rather than fully retiring. But some employers refuse to hire older workers, push them to retire, or limit their training opportunities and job responsibilities. Tom Koos supports efforts to fight job discrimination for aging employees. He supports strengthening the Age Discrimination in Employment Act and giving the Equal Employment Opportunity Commission the resources to prevent all forms of job discrimination.
THE KOOS PLAN FOR HEALTH CARE FOR SENIORS
Health costs continue to rise dramatically with no sign of stopping. Seniors spend exorbitant amounts for their health care, are at risk of being defrauded by bad insurance companies, and are threatened by Medicare. Tom koos’s plan will reverse this trend by cutting costs, protecting seniors from fraud, and preserving Medicare for future generations.
As president, Tom Koos will:
Provide Cheaper Prescription Drugs. Our seniors pay the highest prices in the world for brand-name drugs. Americans spent $200 billion on prescription drugs in 2005, nearly five times the $40.3 billion spent in 1990. A third of seniors pay $100 or more out of pocket every month on prescription drugs. To help lower the cost of pharmaceuticals, Tom Koos believes that the federal government should negotiate for lower drug prices for seniors in the Medicare program, just as it does to obtain lower prices for our veterans. He also supports efforts to allow seniors to import prescription drugs from Canada.
Fix Medicare's Prescription Drug "Doughnut Hole." Tom Koos wants to close the "doughnut hole" in the Medicare Part D Prescription Drug Program that limits benefits for seniors with more than $2,250 but less than $5,100 in annual drug costs. Approximately 4 million seniors hit the doughnut hole in 2006, paying full price for drugs while also paying drug plan premiums.
Provide Easy-to-Understand Comparisons of the Medicare Prescription Drug Plans: Since the creation of the Medicare Prescription Drug Benefit, seniors have been deluged with massive amounts of information about the various plans, but have received little guidance about which plans actually suit their unique needs. As a result, a significant number of seniors are enrolled in plans that are actually more expensive for them than other available Medicare prescription drug plans. A recent study of recipients in Wisconsin found that individuals could save on average $500 if they switched from their current Part D plan to other plans that provided coverage better suited for their needs. Tom Koos will ensure seniors are provided with information about the best prescription drug plans for them every year. A Koos administration will require companies to send Medicare Part D beneficiaries a complete list of the drugs the individual used the past year as well as the pertinent fees paid the previous year. Companies will also be required to provide seniors with online versions of this information, so that they can use it at a third-party comparison shopping site, similar to Priceline.com. Providing this information will help individuals determine which Medicare prescription drug plans can help them reduce their out-of-pocket costs and improve their health.
Stop Long-Term Care Insurance Fraud. Some 70 percent of seniors will require long-term care during their lives. Since 2002, Americans have bought nearly 9 million long-term care insurance products which help elderly Americans cover the costs of care in their homes, assisted living facilities, and nursing homes. Recent investigations have revealed that several long-term care insurers engage in troubling practices that make it difficult for seniors to receive their insurance benefits in times of need. According to a New York Times investigation, in California nearly one-in-every-four long-term care claims was denied in 2005
Protect and Strengthen Medicare. Some 42 million seniors are served by Medicare. Ensuring the long-term solvency of the Medicare trust fund may be our toughest fiscal challenge, but Tom Koos is committed to the long-term strength of the Medicare program. Ultimately we need to reduce waste in the Medicare system and tackle fundamental health care reform across the economy. We need to improve the quality and efficiency of our healthcare system and put a greater emphasis on prevention.
T