WASHINGTON D.C. (WTNH) – Connecticut U.S. Senator Chris Murphy is backing a bill that would give 70 million seniors, veterans, and people with disabilities a one-time extra Social Security payment of $581. It’s called the Seniors and Veterans Emergency Benefits Act. The move comes after Social Security announced a cost-of-living adjustment of 0.3%. The $581 figure is equal to a 3.9% increase of the average annual Social Security benefit. Murphy says that is the same increase that many CEOs receive for performance-based compensation. Murphy says the cost could be paid for by closing a tax loophole that lets corporations write off executive bonuses as business expenses.
“We can help seniors afford their medication and put food on the table simply by closing a corporate loophole. It makes no sense why Congress isn’t doing that,” said Murphy. “I’ve heard from seniors across Connecticut who rely on Social Security that it’s getting tougher and tougher to make ends meet. But there’s still time to fix it. Congress should pass the SAVE Benefits Act where we are back in session next month to shore up the Social Security trust fund and give seniors a much-needed boost next year.”