Congressman Panetta Cosponsors Bipartisan Legislation to Repeal Tax Hike on Gold Star Families
WASHINGTON, DC – Congressman Jimmy Panetta (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), 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 Congressman 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."
"Gold Star Families have already paid the ultimate price, so it broke my heart when a surviving spouse from Coastal Virginia alerted me to this injustice," said Congresswoman Luria, member of the For Country Caucus. "I knew I had to fight for her in Congress to fix a broken system that should be working for her and her family."
"As a strong supporter of our Gold Star families, I know how important these benefits are and how harmful the unintended consequences of recent changes in the tax code were," said Congressman Don Bacon (R-NE), Chair of the For Country Caucus. "This bi-partisan teamwork is what America expects from Congress and I am proud of my colleagues for coming together to take care of our military families who paid the ultimate price for our freedom."
"Children of those who have paid the highest measure of devotion to our country shouldn’t be burdened with the highest tax rate for their survivor benefits," said Congressman Michael Waltz (R-FL), Vice Chair of the For Country Caucus. "I’m proud that a bipartisan group of colleagues came together to fix this oversight in the tax code and urge the House to pass this bill quickly."