Ricketts introduces bills to eliminate taxes on Social Security, military benefits

U.S. Senator Pete Ricketts (R-NE) has introduced two significant bills aimed at reducing federal taxes on Social Security and military retirement benefits. The Social Security Check Tax Cut Act proposes to gradually phase out federal taxes on Social Security benefits, starting with a 10% reduction in the first year and increasing to 20% in the second year, potentially making these benefits tax-free by 2035. The bipartisan Tax Cuts for Veterans Act, co-sponsored by Senator Jacky Rosen (D-NV), seeks to eliminate the federal tax on military retirement benefits, which could save veterans over $500 a month depending on their service. Ricketts emphasizes that these initiatives are modeled after successful state tax reductions implemented during his governorship in Nebraska and align with President Trump's tax agenda. Both senators stress the need for such relief to help seniors and veterans retain more of their hard-earned income. The proposals reflect a growing focus in Congress on slashing taxes in various sectors to support retirees and veterans.