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The IRS being unfair....again......
ALERT: On Memorial Day, we remembered our war veterans, who gave their all for this country, so we could be free.
But we also need to remember those that are putting their lives on the line right now in our armed forces -- and aren't allowed to invest ANY of their combat pay in individual retirement accounts.
You read that right. Right now, if one of our brave soldiers serving in a combat zone wants to invest his earned pay for retirement, the IRS says NO. Because combat pay is non-taxable income, current Internal Revenue Service code prevents such money from receiving any additional tax benefit from being invested in an IRA.
That means, for example, that if a soldier spent most of 2004 in Iraq, his combat pay was almost entirely untaxed, which reduced his ability to invest in his own retirement.
It's the RIGHT thing to do to make sure our soldiers' combat pay is untaxable -- but it's WRONG to then tell them that they can't invest any of that pay in their own retirement account. Thankfully, Congress agrees, and they're pushing through legislation to correct this unfair situation.
Rep. Virginia Foxx (R-NC) has introduced H.R. 1499, the "Heroes Earned Retirement Opportunities (HERO) Act," which seeks to change the tax code to allow soldiers earning hazard pay to be eligible for retirement account contributions.
The HERO Act would count hazard pay as taxable income for the purpose of IRA contributions while still keeping it tax-free for Internal Revenue Service purposes. The bill would allow soldiers to make the maximum yearly contribution to their retirement accounts, which increased this year to $3,500 for most taxpayers, though those over 50 can contribute more and still receive tax benefits.
THIS is the kind of common-sense legislation we need for our troops. If anyone has earned the opportunity to contribute to an IRA, it is these heroes.
TAKE ACTION: The HERO Act just passed the U.S. House of Representatives UNANIMOUSLY. It's now gone to the Senate... and WE need to make sure it doesn't get stuck in committee.
As Rep. Foxx stated, "The purpose of hazard pay is to reward soldiers for their service, just as one goal of our tax code should be to encourage savings. The HERO Act is a common-sense, fiscally responsible piece of legislation that will help our servicemen and women without costing taxpayers a penny."
Click below NOW to tell your Senators to pass H.R. 1499, the "Heroes Earned Retirement Opportunities (HERO)" Act:
NOTE: Be sure to forward this Alert to EVERYONE you know who wants to help support our troops in this common-sense way. Thank you!
William Greene, PresidentRightMarch.com
Thank you! Only minutes ago, the Paul amendment to prevent the U.N. from placing adirect tax on American citizens in order to fund its sovereignty-busting agenda was accepted by the U.S. House of Representatives. We won! Blocking the U.N. push for a global tax is a crippling blow to the world-government agenda.Your efforts -- and in no small way, your faith -- have paid off.Thank you. More battles lie immediately ahead, perhaps only hours away.ThePaul amendment to withdraw from the U.N. is coming up next. Momentum is with us. Send your message urging your U.S. representative to support the Paul amendment that would get the U.S. out of the U.N.To send your message, go to http://capwiz.com/liberty/issues/alert/?alertid=7719766&type=CO
What you do makes a difference.Kent SnyderThe Liberty Committee
MINUTEMEN DELAYED The new Minuteman volunteer border-monitoring project scheduled to begin in August along the California/Mexico border has been set back by six weeks.Not because of roadblocks or opposition by the White House and theACLU...but because organizers are being swamped with volunteers who want to take part in the effort. "We want to avoid preparing for 1,000 volunteersand having 3,000 show up," said a project organizer.The California effort is now scheduled to begin on September 16...Mexican Independence Day. How ironic is that?-
BORDER JOKE Did you hear the one about the illegal aliens crossing the border fromMexico into the United States chasing down Border Patrol agents begging tosurrender?Why? Because the word is out that once picked up and given a "notice toappear" at an immigration hearing, aliens then have a legal right to be inthe U.S. Of course, they don't bother to show up for their hearing, knowing that once in-country, the odds of being sent back are about agazillion-to-one.Only about 12 percent of aliens issued a "notice to appear" citation actually ever show up for their hearings. This scam is so common-place thatBorder Patrol agents now refer to the immigration citations as "notices to disappear."-
"IS YOUR SECURITY GUARD AN ILLEGAL ALIEN?"Is the private security guard watching over your home or office an illegal alien? If so, is the government doing enough to fix the problem? These questions must be asked because the inspector general (IG) of the Social Security Administration has discovered that a California-based securityguard company employed 4,321 people in 2001 whom the company did not correctly identify on W-2 forms, often an indicator that a worker is anillegal alien. The IG's office, however, believes current law prevents it from identifying this company not only to the public but also to the Department of Homeland Security and the State of California. More:http://www.HumanEventsOnline.com/article.php?id=7683-
Terence P. Jeffrey
BIG GUVAMINT "We've never supported drug legalization, even in its 'medical marijuana' drag. Still, we can't help but feel uneasy about the Supreme Court's 6-3 decision Monday in Gonzales v. Raich, which held that the federal government can trump state laws permitting the possession and cultivation of small quantities of cannabis for purely personal use. . . . This was not a good decision for anyone who believes there are Constitutional limits on the federal leviathan."
- Wall Street Journal editorial, 6/8/05
"WHAT HAVE FEMINISTS DONE TO AMERICA'S FATHERS?"On Father's Day, Americans should ponder the appalling fact that an estimated 40 percent of our nation's children are living in homes without their own father. Most of our social problems are caused by kids who grow upin homes without their own fathers: drug abuse, illicit sexual activity,unwed pregnancies, youth suicide, high school dropouts, runaways, and crime.Where have all the fathers gone? More:http://www.HumanEventsOnline.com/article.php?id=7713-