Sen. Mark Warner [D-Va.] and Sen. Tim Kaine [D-Va.] recently introduced legislation that would repeal the controversial cuts to military retiree benefits included in the two-year bipartisan budget deal waiting President Obama’s signature. The legislation aims to raise $6.6 billion over 10 years by keeping the private sector from evading taxation through “the use of foreign tax havens.” Warner and Kaine said those funds would offset the anticipated $6 billion expected to be raised by reducing retiree’s cost-of-living adjustments, according to a release from Warner’s office. “While the changes to military pension COLA increases may look insignificant to some, this is real money to a lot of families,” Warner said. Kaine said he “hopes that we’ll be able to undo these changes before they take effect in [December] 2015.” Senate Armed Services Committee Chairman Sen. Carl Levin [D-Mich.] already has said the committee would review the proposed cuts in the new year, following a public outcry from many veterans organizations.
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