U.S. Senator Mark Begich on Tuesday joined his Senate
colleagues to support the Military Retirement Restoration Act to
safeguard military retirees from changes to cost of living
adjustments (COLA) that were included in the bipartisan budget
agreement the Senate is expected to pass this week.
The legislation, introduced by Senator Jeanne Shaheen (D-NH),
would replace the estimated $6 billion in expected savings from
military retiree cost of living adjustments with an estimated
$6.6 billion raised by eliminating a tax loophole for offshore
corporations. Currently, companies that are incorporated
offshore but managed and controlled from the United States can
claim foreign status which helps them avoid paying U.S. taxes.
“I’m pleased the Senate seems poised to pass a budget with
strong bipartisan support,” Begich said. “And as a longtime
advocate for service members and veterans, I believe we must
continue to honor the benefits our military has earned even as
we work to eliminate wasteful spending. That is why I am
co-sponsoring the Military Retirement Restoration Act so we can
honor our commitment to those who have served our country and
enforce critical cost-cutting measures.”
The Military Retirement and Restoration Act does not jeopardize
the Bipartisan Budget Act, which passed the House by 332-94 and
is expected to pass the Senate today.
In addition to support from Sen. Begich, the legislation is
co-sponsored by Senators Jeanne Shaheen (D-NH), Jack Reed
(D-RI), Brian Schatz (D-HI), Mark Warner (D-VA, Tom Udall
(D-NM), Al Franken (D-MN), Mazie Hirono (D-HI), Bernie Sanders
(I-VT, Richard Blumenthal (D-CT), Jeff Merkley (D-OR), Elizabeth
Warren (D-MA), Tim Kaine (D-VA), Angus King (I-ME), Mark Udall
(D-CO), and Amy Klobuchar (D-MN). |
