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Tax Cut Cost Gold Star Families Dearly This Year

Tax Cut Cost Gold Star Families Dearly This Year | Veterans Affairs and Veterans News from HadIt.com | Scoop.it

"I looked at it and realized this is going to be something that's going to happen every year so this is going to have to be calculated into the monthly budget now," Jones continued. "If it's going to be $400 a month, that's like a car payment. That's something that I'm going to have to take into account every year."

The increase was due to a change with the "Kiddie Tax" under the Tax Cuts and Jobs Act, which President Donald Trump signed into law in December 2017. Previously, survivors benefits that were allocated to the children of a fallen service member were taxed at the parent's rate. Under the new tax code, those benefits are instead treated the same as a trust or estate, which means they can be taxed at a rate as high as 37%, and that threshold is reached faster than it did before.

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Veterans Affairs and Veterans News from HadIt.com

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