Wednesday, November 14, 2007

HoR Gives Tax Salute to Military on Veterans' Week

  • Kay Bell's summary and link to House Commentary

  • The House of Represenatatives passed without a "no" vote H. R. 3997, titled the Heroes Earnings Assistance and Relief Tax (HEART) Act. Among provisions included in the HEART act are: inclusion of combat pay as earned income for social security and other purposes, use of qualified revenue bonds to reduce interest rates on mortgages for veterans as well as making certain tax and pension benefits permanent. In addition, Peace Corps and Americorps volunteers, volunteer firefighters and EMTs qualified for tax benefits from the HEART Act.

    Congratulations to Charles Rangel (D-NY)and other House members for their votes. In general, the HEART Act does not fit with tax simplification; on the other hand, the Act was a fitting tribute to those that serve their country in time of need.


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