Donald Trump's administration to roll out social security payments; Here's all about the eligibility criteria & overpayment penalty
United States residents can be eligible for social security benefits if they're a permanent resident for at least five years, have paid payroll taxes through a qualified job for 10 years, and are at least 62 years of age.
Social security is a strong pillar of America's social safety net, with the scheme being particularly valued by elderly American citizens and their families and people with disabilities who are unable to work for whatever reason.
Overpayments might become an issue as social security payments begin
With the stark warnings issued by the Social Security Administration, overpayments are likely to become a bigger issue going forward. Social security payments are set to start coming in on July 23, with the payments going towards retirement, spousal and survivor benefits for people whose birthdays are between the 21st to 31st of any month.
This is so cruel. A Chicago couple was stunned to learn they owed Social Security $51,887 and were expected to pay it back in 30 days.The reason? Social Security mistakenly overpaid them.@andersoncooper reports pic.twitter.com/WlRaI9y03n
Per the SSA's payment calendar, however, some recipients may actually receive their payments on August 1 instead. Social security overpayments can be traced back to many reasons, such as the SSA making an error when calculating someone's benefits, or a recipient receiving a change in income and not reporting it.
How to handle an overpayment notification
Social security beneficiaries who have received an overpayment notification can rectify the situation by repaying the overpaid amount via credit card, check, or an online bill payment. Beneficiaries who do not want to, or are unable to return the overpaid amount can instead apply for a waiver on the SSA website.
Some Social Security recipients could experience a payment garnishment as an agency clawback policy on previous overpayments doled out to seniors goes into effect later in July.The Social Security Admin (SSA) updated the overpayment garnishment rate in April to 50%. In some… pic.twitter.com/S1qMNGpMto
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Time of India
3 hours ago
- Time of India
Trump says Japan will invest $550 billion in US at his direction. It may not be a sure thing
President Donald Trump is bragging that Japan has given him, as part of a new trade framework, $550 billion to invest in the United States. It's an astonishing figure, but still subject to negotiation and perhaps not the sure thing he's portraying. "Japan is putting up $550 billion in order to lower their tariffs a little bit," Trump said Thursday. "They put up, as you could call it, seed money. Let's call it seed money." Explore courses from Top Institutes in Please select course: Select a Course Category MBA Product Management MCA Cybersecurity healthcare Artificial Intelligence CXO Public Policy Finance Technology Operations Management Healthcare PGDM Others Project Management Design Thinking Degree Management Digital Marketing Data Science Data Science Data Analytics others Leadership Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details He said 90% of any profits from the money invested would go to the U.S. even if Japan had put up the funds. "It's not a loan or anything, it's a signing bonus," the Republican president said, on the trade framework that lowered his threatened tariff from 25% to 15%, including on autos. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Solar Panels Prices Might Surprise You Affordable Solar Panel | Search Ads Search Now Undo A White House official said the terms are being negotiated and nothing has been formalized in writing. The official, who insisted on anonymity to detail the terms of the talks, suggested the goal was for the $550 billion fund to make investments at Trump's direction. The sum is significant: It would represent more than 10% of Japan's entire gross domestic product . The Japan External Trade Organization estimates that direct investment into the U.S. economy topped $780 billion in 2023. It is unclear the degree to which the $550 billion could represent new investment or flow into existing investment plans. Live Events What the trade framework announced Tuesday has achieved is a major talking point for the Trump administration. The president has claimed to have brought trillions of dollars in new investment into the U.S., though the impact of those commitments have yet to appear in the economic data for jobs, construction spending or manufacturing output. The framework also enabled Trump to say other countries are agreeing to have their goods taxed, even if some of the cost of those taxes are ultimately passed along to U.S. consumers. On the $550 billion, Japan's Cabinet Office said it involves the credit facility of state-affiliated financial institutions, such as Japan Bank for International Cooperation . Further details would be decided based on the progress of the investment deals. Japanese trade negotiator Ryosei Akazawa, upon returning to Japan, did not discuss the terms of the $550 billion investment. Akazawa said he believes a written joint statement is necessary, at least on working levels, to avoid differences. He is not thinking about a legally binding trade pact. The U.S. apparently released its version of the deal while Japanese officials were on their return flight home. "If we find differences of understanding, we may have to point them out and say 'that's not what we discussed,'" Akazawa said. The U.S. administration said the fund would be invested in critical minerals, pharmaceuticals, computer chips and shipbuilding, among other industries. It has said Japan will also buy 100 airplanes from Boeing and rice from U.S. farmers as part of the framework, which Treasury Secretary Scott Bessent said would be evaluated every three months. "And if the president is unhappy, then they will boomerang back to the 25% tariff rates, both on cars and the rest of their products. And I can tell you that I think at 25, especially in cars, the Japanese economy doesn't work," Bessent told Fox News' "The Ingraham Angle." Akazawa denied that Bessent's quarterly review was part of the negotiations. "In my past eight trips to the United States during which I held talks with the president and the ministers," Akazawa said. "I have no recollection of discussing how we ensure the implementation of the latest agreement between Japan and the United States." He said it would cause major disruptions to the economy and administrative processes if the rates first rise to 25% as scheduled on Aug. 1 and then drop to 15%. "We definitely want to avoid that and I believe that is the understanding shared by the U.S. side," he said. On buying U.S. rice, Japanese officials have said they have no plans to raise the current 770,000-ton "minimum access" cap to import more from America. Agricultural Minister Shinjiro Koizumi said Japan will decide whether to increase U.S. rice imports and that Japan is not committed to a fixed quota. Trump's commerce secretary, Howard Lutnick, has suggested that the Japanese agreement is putting pressure on other countries such as South Korea to strike deals with the U.S. Trump, who is traveling in Scotland, plans to meet on Sundayv with European Commission President Ursula von der Leyen to discuss trade. "Whatever Donald Trump wants to build, the Japanese will finance it for him," Lutnick said Thursday on CNBC. "Pretty amazing."
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Business Standard
3 hours ago
- Business Standard
India unlikely to allow US imports of GM agri products under trade deal
India is unlikely to allow American imports of genetically modified (GM) corn and soybeans, under the trade agreement that India and the United States (US) are currently negotiating, a source aware of the matter indicated. 'Some things are a matter of principle,' the source said, citing the government's position on the matter. Under the trade deal negotiations, market access for agricultural products has been one of the key demands from the US. It has also been one of the most contentious issue between both countries. Even in the past, the US Trade Representative (USTR) had pointed out several countries', including India's rules on GM products as non-tariff barriers. Last month, affiliates of the Sangh Parivar have said that the India-US trade agreement is unlikely to happen if America continues to be 'stubborn' about securing market access for genetically modified (GM) crops, Business Standard had reported. In the past, The Bharatiya Kisan Sangh (BKS) and Swadeshi Jagran Manch (SJM) had flagged the issue that concessions to the United States (US) in the agriculture sector, including dairy products, will have ramifications for the country's food security. Government officials had earlier said that the sixth round of negotiations with the US will take place in the second half of August — limiting the possibility of an interim trade deal over the next few days —before August 1. US President Donald Trump has set August 1 as a deadline for double-digit reciprocal tariffs to kick in. India could face up to 26 per cent reciprocal tariff from August 1 if no agreement for an interim is reached by then.
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First Post
3 hours ago
- First Post
US President Trump's Scotland visit blends politics and business at new golf site
President Donald Trump landed in Scotland to inaugurate a new golf course in Balmedie while blending presidential duties with business promotion. The visit, labeled a 'working trip' by the White House, also includes meetings with UK and EU leaders. read more Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump's favourite spots on earth. 'At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen,' Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. STORY CONTINUES BELOW THIS AD At 79 and back in the White House, Trump is making at least part of that pledge a reality, landing in Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new golf course bearing his name. Trump will be in Scotland until Tuesday, and plans to talk trade with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen. The Aberdeen area is already home to another of his courses, Trump International Scotland, and the Republican president is also visiting a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Trump said upon arrival on Friday evening that his son is 'gonna cut a ribbon' for the new course during his trip. Eric Trump also went with his father to break ground on the project back in 2023. Using a presidential overseas trip — with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters — to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a 'working trip.' But she added Trump 'has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport.' STORY CONTINUES BELOW THIS AD Trump family's new golf course has tee times for sale Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. But this trip comes as the new golf course is already actively selling tee times. 'We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference,' said Jordan Libowitz, vice president for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. 'It's as if the White House were almost an arm of the Trump Organization.' During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics framework for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration negotiates tariff rates for those countries and around the globe. STORY CONTINUES BELOW THIS AD Trump's first Aberdeen course sparked legal battles Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines — a judgment that has grown with interest to more than $510 million as Trump appeals. STORY CONTINUES BELOW THIS AD Golfers-in-chief Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery — then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame. STORY CONTINUES BELOW THIS AD Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. STORY CONTINUES BELOW THIS AD 'I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House,' Trostel said. Trump, Trostel said, has a handicap index — how many strokes above par a golfer is likely to score — of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an 'honest 13.' The White House described Trump as a championship-level golfer but said he plays with no handicap.
