Ben Cardin: “as our soldiers face a time of war and strife across the globe, we must be mindful not only of the risks that they face…”

“as our soldiers face a time of war and strife across the globe, we must be mindful not only of the risks that they face in combat, but also the barriers that they face to planning a secure future here at home after the battle is done. There are currently about 180,000 Americans serving in Iraq, and another 18,000 in and around Afghanistan. It is estimated that there are 1,652 Maryland national guard and reservists serving in combat today. This bill is important, because it shows our commitment to the future of our troops, to the future of their families. Today soldiers do not pay taxes on their combat pay, as our way of saying that they are paying more than their fair share in the gift of service they bestow on their country. This is only right, and we owe our soldiers our gratitude. But we also owe them the gift of a future, and this bill allows soldiers to plan for that future even as they are protecting ours. This bill gives soldiers the opportunity to save for their retirement by including combat zone pay as earned income in calculating the tax deduction for contributions to retirement savings plans. I think we should go further. In my bill, the Pension Preservation and Savings Expansion Act, I included a provision that allows National Guard members and military reservists called up on active duty to continue contributing to their workplace retirement plans where their employers pay them their salary differential during their active duty service.…”