When my extended family gathers for a special dinner, we always have asparagus as one of the vegetables. This is because my great-grandfather, NP Parkinson, was a First Lieutenant in the First World War. After a few days, the only food he found was asparagus in the field.
I had never worn a uniform. However, I have deep respect for the American servicemen and women who have served or currently serve in the military. The sacrifices made by these patriots and their families are honorable, and I know that our country joins me in thanking them for their service.
Public policy often produces fakes inhibiting factors For military use. From school choice to occupational licensing reform, the military often finds itself in a bind. Taxation is no exception.Internal Revenue Service's current tax system snack Same goes for military personnel and IRS analysts. But you cannot compare the public service of IRS employees to the brave and courageous men and women who serve in the military.
My first bill as a U.S. senator would eliminate federal income taxes (including taxes on military pension benefits) and payroll taxes for active duty military personnel and honorably discharged veterans with taxable income not exceeding $2. That's it. a million.
There is no federal income tax. There is no Social Security payroll tax. There is no Medicare payroll tax.
And that 8 million veterans People receiving Social Security should also not be taxed on their Social Security benefits. The question that bothers me is why Americans are taxed on cash benefits funded by their tax dollars.
Eliminating these taxes on military members and veterans is the best way America can thank them for their service.
tax policy drive economic behavior.And President Biden's Department of Defense left wing policy Even with a negative impact on military recruitment, Congress could pass new tax reforms to help meet military draft and armament needs, while also rewarding those already serving. can.
Inflation has accumulated since President Biden took office. 17.38%, this is 63 days of earning power. A cost of living adjustment (COLA) alone is not enough. Eliminating these taxes on military personnel and veterans would significantly increase the incomes of many American families living paycheck to paycheck.
America's all-volunteer military totals approximately 1.3 million soldiers; census bureau Approximately 16 million Americans are military veterans. Eliminating federal income taxes for about 17 million Americans will not lead to a fiscal crisis. This tax reform will put the American Dream back within reach of millions of Americans.
This policy change is estimated to reduce revenue by approximately $383 billion annually. But the macroeconomic impact of this tax reform will be significant, especially for veterans looking to expand their investments, entrepreneurship, and risk-taking. It would increase American productivity, raise wages for all workers, and create more jobs. Additionally, tax cuts for veterans would reduce veterans' homelessness and dependence on federal welfare benefits.
The financial crisis is the result of excessive federal spending And the Federal Reserve prints money. Tax and regulatory reforms that bring about rapid economic growth and investment are the best way to reverse the economic crisis.
The Tax Cuts and Jobs Act of 2017 brings many important reforms. Expired Permanently extending the 2017 tax law would result in $3.5 trillion in tax cuts over 10 years, according to the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT).
Finally, we must address the claims made by too many so-called tax expert Tax cuts and revenue cuts will increase the deficit. The cause of the deficit is federal spendingnot due to federal tax policy.
Taxes are theft. And the $7 trillion in increased spending since COVID-19 is also theft because that huge spending increase comes with the promise of future tax increases. America has a spending problem, not a revenue problem. Need proof? The federal government continues to collect historic levels of revenue, projected to confiscate $59.7 trillion from hard-working Americans over the next decade, yet still maintain a balanced budget. I haven't been able to do that.
The Senate will need new leadership with creative ideas like this to reward our military and grow our economy like never before. This is an America First policy we can all support.
Scott Parkinson is the Republican candidate for the U.S. Senate in Virginia.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of The Daily Caller.
