releases: https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1007
Data license: MIT · Data source: dwillis/congress-press
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| https://perlmutter.house.gov/news/documentsingle.aspx?DocumentID=1007 | Perlmutter Urges House to Restore Veterans' Cost of Living Adjustment | 2013-12-19 | 2013 | 2013-12 | Democrat | House | CO | Ed Perlmutter | P000593 | perlmutter.house.gov | legacy | Perlmutter Urges House to Restore Veterans' Cost of Living Adjustment f t # e Lakewood, CO, December 19, 2013 Today, U.S. Rep. Ed Perlmutter (CO-07) announced he is co-sponsoring legislation to repeal reductions to working age military retiree cost-of-living adjustments (COLAs) included in the Bipartisan Budget Act. The Military Retirement Restoration Act, by Rep. Dan Maffei (D- Syracuse) is fully paid for by closing tax loopholes for offshore corporations. Companion legislation is introduced in the Senate by U.S. Sen. Jeanne Shaheen (D-NH) and U.S. Sen. Mark R. Warner (D-VA). Perlmutter said, "The bipartisan Murray/Ryan budget proposal was less than perfect and not exactly what I preferred. However it's been several years since Congress agreed to a budget, and I felt this was a small step in the right direction toward a more responsible budget process rather than governing from crisis to crisis. Specifically, I'm not happy about Rep. Paul Ryan's idea to modify and reduce cost-of-living adjustments for working age veteran retirees (those under 62). That's why I am co-sponsoring the Military Retirement Restoration Act to replace the cuts to working age military retiree benefits included in the Bipartisan Budget Act by preventing companies from avoiding U.S. taxes by abusing overseas tax havens. We had to take a first step to get into the budgeting process, and now I hope we can fix this provision." ### The Military Retirement Restoration Act will: Repeals the provision in the Bipartisan Budget Act (Section 403) that modifies the annual cost-of-living adjustment for working-age military retirees by making the adjustments equal to inflation minus one percent. This provision, which is scheduled to go into effect in December 2015, would result in a benefit cut for working-age military retirees. The Bipartisan Budget Act modifies the annual cost-of-living adjustment for working-age military retirees by making the adjustments equal to inflation minus one percent. At age 62, the retired pay would be adjusted as if the COLA had been the full CPI adjustment in all previous years, and the service members would receive the full COLA from then on. The provision would have saved approximately $6 billion over ten years. Prevents companies from avoiding paying their fair share of U.S. taxes. The repeal would be fully offset by stopping companies incorporated offshore but managed and controlled from the United States from claiming foreign status and avoiding U.S. taxes on their foreign income. It would require these companies to be treated as U.S. domestic corporations for tax purposes. This provision and is expected to raise over $6.6 billion over ten years. f t # e | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |