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U.S. Senator Ricketts introduces tax cut bills

By John Nixon

03/26/2025

(KLZA)-- U.S. Senator Pete Ricketts (R-NE) has introduced two bills to cut federal taxes on Social Security and military retirement benefits.

The Social Security Check Tax Cut Act would begin phasing out federal taxes on Social Security benefits. The bipartisan Tax Cuts for Veterans Act, introduced with Senator Jacky Rosen (D-NV), would eliminate the federal tax on military retirement benefits.

The bills are modeled after successful efforts to eliminate state taxes on similar benefits when Ricketts was Governor of Nebraska.

The Social Security Check Tax Cut Act would phase out federal taxes on Social Security benefits, beginning with a 10% cut in year one and increasing to 20% in year two. Congress can continue phasing out the tax by 10% a year and make all Social Security income tax free by 2035.

Under The Tax Cuts for Veterans Act, savings per veteran would vary depending on their earned retirement pay. An enlisted soldier, sailor, airman, marine, guardsman, or guardian who served for 20 years could save over $500 per month and over $6,000 per year.

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