Texas Border Business
WASHINGTON – Today U.S. Senator John Cornyn (R-TX) cosponsored legislation providing tax relief for families who have lost a parent serving in the military.
“Texas’ Gold Star families deserve our gratitude and appreciation after experiencing tremendous loss,” said Sen. Cornyn. “Congress must right this wrong and clarify the law so families who have lost a parent serving in the military receive the survivor benefits they deserve.”
Senators Bill Cassidy, M.D. (R-LA), Doug Jones (D-AL), Pat Toomey (R-PA), Mark Warner (D-VA), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Richard Burr (R-NC), Mike Crapo (R-ID), Steve Daines (R-MT), Chuck Grassley (R-IA), Johnny Isakson (R-GA), Amy Klobuchar (D-MN), Patty Murray (D-WA), Kyrsten Sinema (D-AZ), and Jon Tester (D-MT) are cosponsors of the legislation.
Background:
Simplification in the Tax Cuts and Jobs Act of a special tax dating back to 1986 that was intended to stop wealthy parents from sheltering income by shifting it to their children with lower tax rates inadvertently caused some military survivor benefits to be taxed at a higher rate. This bipartisan legislation effectively excludes these benefits from the special 1986 tax, resolving the unintended tax treatment of survivor benefits.
Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Intelligence, and Judiciary Committees.
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