Congressman Tim Ryan Supports Restoration of Full Military Retirement Benefits
Washington, DC – Congressman Tim Ryan joins Congressman Dan Maffei (D-NY) in introducing the Military Retirement Restoration Act. This legislation will repeal the cuts to military retirement cost-of-living adjustments (COLAs) for working-age retirees that are included in the Bipartisan Budget Act.
“Congress must act immediately to pass the Military Retirement Restoration Act and rectify the harm this cut will inflict upon our nation’s veterans,” said Congressman Ryan. “These men and women put their lives on the line for the betterment of our nation, and it is our duty to ensure we fulfill the commitments we made to them. I understand that we have a budget deficit that must be addressed, but it should not be done on the backs of the men and women who are bravely serving in our Armed Services.
The Military Retirement Restoration Act is offset by closing tax loopholes used by companies to avoid paying their fair share. Specifically, it blocks companies incorporated offshore but are managed and controlled inside the United States from being able to claim foreign status and avoid paying U.S. taxes. Reducing military retirement COLAs saved tax payers $6 billion over ten years; the Military Retirement Restoration Act’s closure of these tax loopholes saves taxpayers $6.6 billion over ten years.