A major plank of the Richard Matthews campaign is tax reform. Not only do we Americans pay too much, but the primary method of taxation is oppressive to our dignity and provides excessive policy authority to our Federal Government. Tax simplification is a major thrust of this campaign and should be a focus of the Republican Party.
Bureaucratic overhaul never being a pretty sight, and always taking longer than desired, Matthews will propose a quicker partial remedy on our way to full tax reform. Upon election Richard Matthews will introduce and/or sponsor a bill in congress to exempt all military retirement pay from Federal Income tax. If any class deserves tax simplification and relief first it is our Veterans.
This will have a multitude of positive effects:
Retirees with no other income will not need to file a tax return. All of their income will go to them, in the free and clear of the Federal Tax collector. Accountants and paper work are no more, retirement is simple and carefree as it should be.
Many Forty and Fifty-somethings with families working a post-military-career will pay dramatically less taxes. For example if the retiree receives $40k /y in military retirement and 80k /y in income from their post-military full-time-job he now would only have a taxable income of 80k, not 120k. This will likely halve their total tax payments by keeping them in lower tax brackets. Also, at higher income levels this will prevent military retirement pay from potentially triggering AMT thresholds. This is great policy for military families and will allow them the stability in retirement that they often missed during a career of military relocations.
College tuition for children of military retirees will be more affordable due to less taxation.
Regions of the country, such as the Second Congressional District of Maryland, with many military retirees will see increased activity in the local economy. Many residents in the area with more of their money in their pocket to spend as they see fit is exactly what local economies need in these turbulent financial times.
If elected, Richard Matthews will work hard for comprehensive tax reform in Washington, eventually ending the IRS as we know it. As a way to start who better than our military retirees to try out living with out the IRS? Haven’t these people sacrificed enough to protect America’s liberty?
- Richard Matthews
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