A bill was recently introduced to the House of Representatives that would exempt all active duty military pay and benefits from federal taxes. Read the full text of the bill. Rep. John Culberson, R-Texas, is the chief sponsor of the bill, HR 1559, which is being called Armed Forces Tax Relief Act. Culberson said the [...]
Military Pay Raises May be Lower in the Next Few Years
Military Times reports that military pay raises might be lower in the near future compared to the last few years because the gap between military and civilian pay is closing. This article was written based on a Congressional report released Friday by the Congressional Budget Office, which is a nonpartisan analytical group within Congress. The [...]
Legislation Proposed to Enhance GI Bill, VA Home Loans, and Small Business Loans for Veterans
Legislation was recently introduced in the Senate by Sen. Hillary Rodham Clinton, (D-NY). The proposed legislation will enhance GI Bill benefits, VA Home Loans, and Small Business Loans for Veterans. Proposed Enhancements: GI Bill: The proposed new version of the GI Bill would eliminate the requirement to pay into the system, and would only require [...]
Servicemembers Civil Relief Act – Military Members Can Receive Reduced Interest Rates
In 2003, President Bush signed into law the Servicemembers Civil Relief Act (SCRA). The SCRA further clarified and solidified the Soldiers and Sailors Civil Relief Act (SSCRA) which benefits active duty military members and was signed into law in 1940. There are many benefits that servicemembers can receive as under this law. 6% cap on [...]
Financial Website Geared to Military Members
Not too long ago, I attended a financial briefing given by Commissioner Paul Atkins of the Securities Exchange Commission (SEC). The briefing was held at our local military installation, and was geared toward military members. During his briefing he gave us all several links to helpful websites, one of which, www.saveandinvest.org, is geared toward helping [...]
Military Veterans Educational Benefits
Military veterans have a plethora of educational benefits available to them. Often times, you just need to know where to look to find the information (and money!) you need. Here are some of the options available to you: Montgomery GI Bill (MGIB) The 2008 GI Bill rates go into effect on October 1, 2007. The [...]