President Donald Trump’s Tax Cuts and Jobs Acts inadvertently raised the tax on the insurance annuity administered by the Department of Defense given to the families of fallen soldiers (Gold Star families). Current law disables the ability for widows of fallen soldiers to receive the full amounts of both the insurance annuity and the monthly stipend given by the Department of Veterans Affairs. A method to maneuver around this law in order to receive both benefits in full has been to put the insurance annuity in the children of the families names. However, Trump’s change of the tax code labels the insurance annuity as a trust/estate. The previous tax rate has since increased by nearly 300% from the original 12%-15% that the monthly stipend remains at. Plans to fix this inconvenience have been pushed by Navy veteran and Democratic Congresswoman Elaine Luria to the House and Senate. On May 21, 2019 the Senate unanimously voted to categorize the benefit as an earned income rather than an unearned income. The House, however, decided to include the insurance as part of a retirement savings package. This required that the Senate needed to unanimously vote to approve the version of the House’s bill with its retirement savings inclusion, but they did not reach consensus. As a result, the bill could not be sent to President Trump’s desk for it to be signed. Senator Ted Cruz disapproved of the House version of the bill because it did not include homeschooling expenses, tutoring, test prep and other details in the retirement savings package.Plans to resolve the tax issue remain in the works and will be revisited. #MemorialDay #GoldStarFamilies #BlueStarFamilies #Veterans #ProtectOurTroops #MilitaryWidow #MAGA #DonaldTrump #Army #NavySeals #Aladdin #VOTM Source: Time.com, hopeforthewarriors.org https://www.instagram.com/p/Bx-a0PRjHty/?igshid=5v2ge6nygxz6