I am a Master’s in Social Work student with the University of California, a veteran and a 17-year Army spouse. I want everyone to be aware of the Military Retirement Restoration Act and lobby their public officials to bring this Act back to light.
Recently our military veterans’ retirement benefits experienced cutbacks by the government. They were trying to tax 1 percent of our entitled COLA (cost of living allowance) benefits. This was later overturned. But this is just a band-aid to a problem that needs to be fixed over the long term.
We must find a way to fund our entitled benefits. The Military Retirement Restoration Act actually offers a way to finance military benefits. The act proposes cutting corporate loopholes by taxing those corporations that make over $50 million and do most of their operations here but are a foreign corporation. The act makes them a domestic corporation in order for them to pay U.S. taxes.
Why should such a corporation not have to pay taxes? This act is now just sitting in a subcommittee waiting to die. If all of our veterans, active duty, government employees and American citizens who support our military reached out and made our public officials aware of this act, we could bring it back to life, and create a real way to finance the future of our military veterans.