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Statement by U.S. Rep. Benjamin L. Cardin on the Heroes Earned Retirement Opportunities Act
Tuesday May 24, 2005Mr. Speaker, as our soldiers face a time of
war and strife across the globe, we must be mindful not only of the risks that
they face in combat, but also the barriers that they face to planning a secure
future here at home after the battle is done.
There are currently about 180,000 Americans
serving in
This bill is important, because it shows our
commitment to the future of our troops, to the future of their families. Today soldiers do not pay taxes on their
combat pay, as our way of saying that they are paying more than their fair share
in the gift of service they bestow on their country. This is only right, and we owe our soldiers
our gratitude. But we also owe them the
gift of a future, and this bill allows soldiers to plan for that future even as
they are protecting ours.
This bill gives soldiers the opportunity to
save for their retirement by including combat zone pay as earned income in
calculating the tax deduction for contributions to retirement savings
plans.
I think we should go further. In my bill, the Pension Preservation and
Savings Expansion Act, I included a provision that allows National Guard members
and military reservists called up on active duty to continue contributing to
their workplace retirement plans where their employers pay them their salary
differential during their active duty service.
This important provision should also be brought to the floor for a
vote.
We have an obligation to ensure that our
soldiers have a secure present and a secure future, and this bill takes one
important step in that direction. I urge
a yes vote on the Heroes Earned Retirement Opportunities Act.