USA Payroll Tax Cut: Addressing coronavirus with a payroll tax cut won't help workers -

President Trump’s proposal to reduce Social Security payroll taxes to stimulate the economy in an election year is a colossally bad idea. No doubt, the president is worried about an economic downturn as the coronavirus epidemic intensifies — and the potential impact on his re-election campaign. But that is no reason to interfere with Social Security’s finances, especially at a time when the program faces future fiscal challenges. 

On Tuesday, the president tweeted that it would “great” for the “middle class” and the “USA” to temporarily cut payroll taxes — which means reducing the revenue flowing into Social Security. In fact, it would be anything but great for the millions of working people who pay into the program so that they can collect their earned benefits upon retirement, disability, or the death of a spouse. 

Today, more than 40 percent of seniors rely on Social Security for all or most of their income. Economic forecasts tell us that tomorrow’s retirees will rely on their Social Security benefits even more than today’s seniors do. How many would willingly trade their future financial security for a few dollars in payroll tax cuts?

Addressing coronavirus with a payroll tax cut won't help workers - Los Angeles Times

USA - Florida: Some retirees are rethinking Florida after Irma- by Jessica Dickler

Sammy Musovic was planning to buy a condo in Miami's Coconut Grove or South Beach at the end of the year, leaving his Manhattan restaurant business to his two sons.

"I was going to retire and go to Florida, but now I'm definitely reconsidering," the 55-year-old Musovic said after Hurricane Irma wreaked havoc on Florida. "I want to feel comfortable and enjoy myself, I don't want to feel like I'm in danger."

The Sunshine State — which benefits from an overall low cost of living, extensive availability of health-care facilities and recreational activities, including golf, museums and beaches, as well as no personal income tax — consistently ranks among the best place to retire. (Texas has also been considered a top retirement spot, in part because it also has no income tax.)

Of course, that also has to do with the weather, which aside from hurricane season, is generally balmy and beautiful.

But the devastation from Hurricane Irma, fresh on the heels of Hurricane Harvey, which plowed into Houston late last month, has some retirees and soon-to-be retirees like Musovic second-guessing their decision.

Over the last decade, Florida has been the most attractive destination by far for seniors, as measured by average annual net migration for the 55-plus set, according to an analysis of Census Bureau data by William Frey, a demographer at the Brookings Institution. But it's been steadily losing ground to states like Georgia, Arizona and the Carolinas.

And still, most American retirees are deciding to stay put, and those who do move usually don't go far, according to Rodney Harrell, director of AARP's Livable Communities program. (According to Brookings, less than 1 percent of Americans make an interstate move.)

"These weather events could have a real impact," said Karen Smith Conway, an economics professor at the University of New Hampshire, citing the increased cost of living, particularly with regard to insurance in the storm's aftermath.

Note EU-Digest: And why shouldn't they  be concerned  - Florida infra-structure sucks, antiquated electric grid and water systems, public transportation system - also nothing to write home about. Weather might be nice, cool; and dry in winter, but sweltering and humid in the summer. Retirees who can't drive anymore, or those living in special health-care facilities without family members around, are prone to great stress during the hurricane season

Read more: Some retirees are rethinking Florida after Irma

The Netherlands: EU Pensions Commission refers The Netherlands to Court for discriminating against Dutch pensioners abroad

The European Commission has referred The Netherlands to the EU's Court of Justice for failing to notify measures to stop discriminating against pensioners who live abroad when paying out an allowance for elderly taxpayers. This results from a discriminatory condition under Dutch law for entitlement to the 'koopkrachttegemoetkoming oudere belastingplichtigen' (purchasing power allowance for elderly taxpayers).

Dutch legislation which entered into force on 1 June 2011 provides that the allowance is paid to persons aged 65 years and above who can show that at least 90% of their world income is taxable in The Netherlands. This condition means that in practice the allowance is not granted to people living outside The Netherlands. The Commission has received a large number of complaints from citizens.

Under EU law on social security coordination, entitlement to an old age benefit cannot be conditional on the pensioner living in the Member State where he or she claims the benefit. This rule enables pensioners to move to another Member State when they retire whilst retaining their pension.

As the purchasing power allowance is paid to people 65 years of above, which coincides with retirement age in The Netherlands, the allowance is classed as an old-age benefit under EU social security coordination rules as interpreted by the EU's Court of Justice. So, even if national law does not class it as such, it is an old age benefit according to EU lawand The Netherlands is required to pay the allowance to recipients of a Dutch statutory old-age pension who live in another EU Member State, Iceland, Liechtenstein, Norway or Switzerland.

The national law in question was adopted against advice to the contrary from the Dutch Council of State (Raad van State) which cautioned that the approach chosen by The Netherlands was not in line with its obligations under EU law. The Commission also advised the Dutch Government early on in the legislative process that the proposed national law would be incompatible with EU law. In the meantime, national courts have also considered the discriminatory conditions for entitlement to the allowance as contrary to EU law.

The Commission requested The Netherlands to end discriminating against pensioners living abroad in May 2012 (see IP/12/526) but no measures to end the discrimination have been notified to the Commission.

EU-Digest

EU-Digest: Turkey: European Retirees Completely Happy In Alanya - excerpts translated from a report in Dutch by Ahmet Olgun

A special report on Europeans living in Alanya Turkey

Turkey: European Retirees Completely Happy In Alanya - excerpts translated from a report in Dutch by Ahmet Olgun

In Turkey during the old days, when their parents died, the daughters always received the worst piece of land,usually the land closest to the sea which was salty earth and on which little would grow.The good lands went to the sons. They were more inland and away from the ocean. In Alanya, the irony of this discrimination has been that today women, are now laughing all the way to the bank, after they sold their once worthless property to developers, Alanya haqs become the fastest developing tourist and retirement location in Turkey.There now are approximately 13,000.00 Europeans who call Alanya their permanent home and many thousands more who own vacation homes. Ofthe permanent European population, the Germans lead the list, followed by the Danes, Russians and Dutch. Appartments are cheap, the climate is great, and the locl population recives them with open arms say the Europeans who live there. Several younger Europeans who have also chosen Alanya for business activities, mainly in real estate, are making millions. Dutchman Yorg van Bavel (33) who came to Alanya after he graduated in Holland, joined up with a Turkish partner and is now President of a multi-million euro construction and real estate empire.Marti Zingstra (51) who after her divorce arrived went to Mahmutlar with one suitcase and had to find a job, got involved in a car rental company and real estate. Today as she sips her Raki at her own beautiful villa. She now has a networth of about 2 million euro's.
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