Ricketts Bill Would “Give Real Relief to Veterans and Their Families”
November 8, 2023
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) called on his colleagues to support his Tax Cuts for Veterans Act, which he introduced yesterday. The bill would make military retirement pay tax free at the federal level. Ricketts made the comments while on a conference call with Nebraska media.
“The service and sacrifice of our veterans deserves not just our gratitude, but also our commitment,” Ricketts said. “We must commit to give them the quality benefits and care they’ve earned. But in Nebraska, we’ve proven that’s just where we start. We should also commit to reducing the burdens our veterans face to maximize those benefits. That’s why this week I’ve introduced the Tax Cuts for Veterans Act in the U.S. Senate.”
Ricketts explained how his bill was modeled after a successful effort to eliminate state taxes on military retirement benefits initiated when he was Governor of Nebraska. He also explained the real relief it would offer to veterans and their families.
“Doing this at the federal level would give real relief to veterans and their families in this time of stubbornly high inflation,” Ricketts continued. “Consider an enlisted soldier, sailor, or airman who serves for 20 years. My bill would result in tax relief of over $6,000 per year. That comes out to an extra $500 a month for them to be able to address the things that are creating the rising costs of living. It’s real relief at a time of these rising costs.”
Watch the video HERE.
TRANSCRIPT:
Senator Ricketts: “This weekend is Veterans Day.
“John F. Kennedy once said, ‘As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.’
“The service and sacrifice of our veterans deserves not just our gratitude, but also our commitment.
“We must commit to give them the quality benefits and care they’ve earned.
“And in Nebraska we’ve proven that’s just where we start.
“We should also commit to reducing the burdens our veterans face to maximize those benefits.
“That’s why this week I’ve introduced the Tax Cuts for Veterans Act in the U.S. Senate.
“It’s the fourth piece of legislation in my ‘Proven Nebraska Solutions Ready for America’ package.
“The bill would make military retirement pay tax free at the federal level.
“We did this at the state level when I was Governor.
“At my request, Colonel Brewer introduced LB387 which eliminated the Nebraska state income tax on military retirement benefits.
“Not one single state senator voted against it.
“It was a big win for our state, for Nebraska’s job creators, and for our military families looking to put down roots in Nebraska.
“Doing this at the federal level would give real relief to veterans and their families in this time of stubbornly high inflation.
“Consider an enlisted soldier, sailor, or airman who serves for 20 years.
“My bill would result in tax relief of over $6,000 per year.
“That comes out to an extra $500 a month for them to be able to address the things that are creating the rising costs of living.
“It’s real relief at a time of these rising costs.
“We can and should eliminate federal taxes on military retirement benefits for veterans across the country.
“And I’m proud to introduce the bill to do it.”