Gottheimer-Cosponsored Bill to Help Americans Save for Retirement and Provides Tax Fix for Gold Star Families Passes the House
On the heels of Memorial Day, U.S. Congressman Josh Gottheimer (NJ-5) commends the passage of his cosponsored bill, H.R. 1994 – the bipartisan SECURE Act, which passed the House 417 to 3. The legislation helps Americans save more for retirement and delivers a tax fix for military survivors and families facing drastic tax increases from the Tax Hike Bill, known as the “kiddie tax” provision.
The Tax Hike Bill of 2017 changed how some assets are taxed and many Gold Star Families who previously were obligated to pay 12-15% in taxes on compensation provided to help cope in the aftermath of their loss, saw their tax rate jump to 37%.
H.R. 1994 – the SECURE Act, includes the Gold Star Family Tax Relief Act, led by Congresswoman Elaine Luria (VA-2) and cosponsored by Gottheimer, which repeals portions of the Tax Hike Bill that have been harmful to Gold Star Families. The SECURE Act provides urgent tax relief to surviving military families and children all across the country.
“The Tax Hike Bill should have never targeted the families of those who have made the ultimate sacrifice — our Gold Star Families. I’m proud that this bipartisan plan is providing a solution for those families. We must have the backs of those who have ours, and the families who support them,” said Congressman Josh Gottheimer (NJ-5). “It’s already too expensive to live in New Jersey and residents in North Jersey and around the country are facing a retirement income crisis. The bipartisan SECURE Act expands opportunities for Americans to increase their retirement savings.”