Congressman Panetta cosponsors bipartisan legislation to repeal tax hike on Gold Star Families

WASHINGTON, DC — Congressman Jimmy Panetta (D-CA-20) announced that he is an original cosponsor to bipartisan legislation repealing an unnecessary tax hike on Gold Star families.

The 2017 tax law reclassified how Gold Star children's assets are taxed, increasing the tax rate on their survivor benefits from 12 to 15 percent up to 37 percent.

The Gold Star Family Tax Relief Act, H.R. 2481, introduced by Congresswoman Elaine Luria (D-VA-02), would reclassify such benefits as earned income, significantly reducing the tax burden.

Several members of the Congressional For Country Caucus, a caucus providing principled military veteran Members of Congress a platform to work in a cross-partisan manner, also cosponsored the legislation.

"Families of fallen servicemembers deserve the support and gratitude of the nation," said Panetta, Founder and Chair of the For Country Caucus. "This legislation ensures Gold Star spouses and children receive their earned benefits as previously constituted and are not burdened with an egregious tax hike."