The bill would restore cuts in the cost-of-living adjustment to military-retiree benefits and pay for it by closing tax loopholes exploited by off-shore corporations.

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Rep. Scott Peters on Friday co-sponsored legislation that would restore cuts in the cost-of-living-adjustment to military-retiree benefits that were included in the recent bipartisan budget agreement.

The bill, introduced by Rep. Dan Maffei (D-NY), would pay for the change by closing tax loopholes currently exploited by corporations that incorporate in overseas tax havens but operate in the United States.

"It is clear that the cuts to military-retiree COLAs in the budget are not an appropriate way to cut spending and need to be addressed," Peters said in a statement. "The legislation I am supporting today not only restores the cut funds, but pays for it as well – instead of just adding money to our national deficit.

"Last week’s budget was not perfect, legislation rarely is, but it was a good step in the right direction because it reduces the chance of a government shutdown, relaxes the sequester cuts for the next two years, and provides the stability and predictability that our military and federal agencies desperately need," the Democrat from La Jolla added.

Peters' 52nd District includes Coronado, La Jolla, Carmel Valley, Rancho Penasquitos, 4S Ranch, Rancho Bernardo and Poway, among other communities in San Diego.

Original link: http://coronado.patch.com/groups/politics-and-elections/p/peters-cosponsors-bill-to-restore-cuts-in-military-pensions