Post of yesterday needs a good update. Today I was informed (Senate Floor Leader Lott), That the Senate is looking favorable on the provisions of House Bill 5 (as I reported Yeserday). He held a press conference today and discussed this matter. He stated that this provision to end the earnings test needs repair. He stated that the President also looks favorable to this new legislation. In sum, Social Security persons between 65 and 69 (if bill is passed) will no longer be held to the $17,000 test. Current law of $1 for every $3 above earnings above $17,000. The law will be retroactive to December 31,1999.
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