Ricketts: My Tax Cut Bills Are About “Fairness, Common Sense, and Keeping Promises to Seniors and Veterans”
WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE), outlined his Social Security Check Tax Cut Act and Tax Cuts for Veterans Act. These two tax cut bills, introduced Tuesday, will help Americans keep more of their own hard-earned money in retirement. He made the following comments while on a conference call with Nebraska media:
“Social Security and veterans’ benefits should be completely tax-free,” Ricketts said. “These aren’t government handouts. They’re benefits people have earned. Seniors have paid into Social Security for decades. Veterans have given years of service to protect our freedoms. We should not be double-taxing them.”
“My bills are about fairness, common sense, and keeping promises to seniors and veterans,” Ricketts continued. “They will boost retirement income to ensure seniors and veterans keep more of their hard-earned money. We proved it in Nebraska. Washington needs to do the same.”
Watch the video here
TRANSCRIPT:
Senator Ricketts: “Yesterday, I introduced two bills to help Americans keep more of their hard-earned money in retirement.
“I introduced the Social Security Check Tax Cut Act and the Tax Cuts for Veterans Act.
“These bills are built on the same common-sense approach we took in Nebraska.
“We worked across the aisle to cut taxes on Social Security and military retirement benefits at the state level.
“And now, it’s time to do the same thing at the federal level.
“From 1935 to 1983, Social Security benefits were not taxed at the federal level.
“But by 1993, 85% of Social Security benefits were taxable. That needs to change.
“Here’s the bottom line. Social Security and veterans’ benefits should be completely tax-free.
“These aren’t government handouts. They’re benefits people have earned.
“Seniors have paid into Social Security for decades.
“Veterans have given years of service to protect our freedoms.
“We should not be double-taxing them.
“My Social Security Check Tax Cut Act will start phasing out the federal tax on Social Security benefits.
“This is similar to what we did in Nebraska, where we phased it out over time.
“It begins with a 10% cut in year one and grows to 20% in year two.
“Congress can continue phasing out taxes by 10% per year and make Social Security income tax free by 2035.
“For a typical retiree, it would mean about $800 back in their pocket.
“That’s 202 gallons of milk or 270 gallons of gas at today’s prices.
“That’s real relief for our seniors.
“This is a plan that works.
“It’s what we did in Nebraska with LB873 while I was Governor.
“We eliminated state taxes on Social Security benefits in a bipartisan, 100% unanimous vote.
“It wasn’t a Republican or a Democrat solution. It was a Nebraska solution.
“Washington should follow Nebraska’s lead.
“The second bill I introduced yesterday was the Tax Cuts for Veterans Act.
“My bill ensures that military retirement pay is tax-free at the federal level.
“In 2021, I signed LB387 into law, eliminating state taxes on military retirement benefits in Nebraska.
“We did it with overwhelming bipartisan support. Not a single senator voted against it.
“That’s because it was the right thing to do.
“We need to take that same approach in Washington.
“The Tax Cuts for Veterans Act would give real financial relief to those who served.
“Take an enlisted soldier, sailor, airman, marine, or guardian who serves for 20 years.
“Under my bill, they could save over $6,000 per year.
“That’s an extra $500 every single month.
“That’s real money to cover groceries, gas, housing, or other rising costs.
“As 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.”
“Honoring our veterans isn’t just about words—it’s about action.
“We can and should eliminate federal taxes on military retirement benefits for veterans across the country.
“My bills are about fairness, common sense, and keeping promises to seniors and veterans.
“They will boost retirement income to ensure seniors and veterans keep more of their hard-earned money.
“We proved it in Nebraska. Washington needs to do the same.
“I’m proud to lead this effort, and I look forward to working with my colleagues to get this done.”