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    ALL veteran retirees in South Carolina may soon be excused from their state income taxes. A newly passed bill would make all military retirement income exempt from South Carolina income taxes. 1The Workforce Enhancement and Military Recognition Act awaits governor approval At the state level, the bill was passed by both the House and the Senate and it may be an incentive for veterans to relocate to their state. According to the South Carolina Department of Veterans’ Affairs, out of the 400,000 military veterans residing in South Carolina, nearly 40,000 veterans would benefit from this bill if approved. Representative Bobby Cox, co-sponsor of the bill, told News19: “35 states currently don’t tax military [retirement] income." "South Carolina will be part of that group and recruit some of those great work skills that we want to have with our veterans,” Mr Cox. Read More on TaxesMONEY CHANGE Two big changes to child tax credits and it's not good news for parentsBONUS BUCKS 'Special' tax refunds of up to $500 to be issued THIS WEEK – do you qualify? The Workforce...
    As part of a series of actions this spring, climate activists rallied and marched in New York City on Monday "to demand that our tax money stop being used to fund endless war and environmental destruction." Members of Extinction Rebellion (XR) marked Tax Day with the "No Wars, No Warming" demonstration outside a federal building in NYC where various agencies, including the Internal Revenue Service (IRS), have offices. "We recognize that the people who are most often placed in harm's way from armed conflict are also the people who have and will continue to face the brunt of the climate crisis," says the XR event webpage. "In this moment, after two years of Covid-19, our tax money should be funding social services that benefit the communities most impacted by the climate crisis and most affected by decades of systemic underfunding." "The U.S. has no problem dumping over half of its federal budget into policing the rest of the world through the Pentagon but refuses to cover the things people actually need," the page adds. "Join us to demand that our...
    Rebecca Gordon, War, Death, and Taxes I don’t normally do this, but in the context of TomDispatch regular Rebecca Gordon’s latest all-too-well-timed piece on paying (or rather not paying) one’s taxes, let me quote a couple of paragraphs I once wrote for this site about my own distant past and then briefly explain why:And here’s a little story from the Neolithic age we now call ‘the Sixties’ about that moment when the U.S. military was still a citizen’s army with a draft (even if plenty of people figured out how to get exemptions). At a large demonstration, I turned in my draft card to protest the war. Not long after, my draft board summoned me. I knew when I got there that I had a right to look at my draft file, so I asked to see it. I have no idea what I thought I would find in it, but at 25, despite my antiwar activism, I still retained a curiously deep and abiding faith in my government. When I opened that file and found various documents from the...
    IT takes years for workers to save for retirement and unfortunately the retirement age is only going up. For workers and retirees in some states, there may be a welcome tax break. 1There are nine states with no income taxes at all and three others with exceptions for retirement incomeCredit: getty Most Americans hope to retire by age 62, according to a survey by Natixis Investment Managers. However, most have to wait longer, as the average retirement age for baby boomers is about 68. Fortunately, there are twelve states where retiring may stretch your nest egg. These states do not tax distributions from pensions or defined contribution plans such as 401(k) plans. Where are retirement withdrawals tax free? There are nine states that do not have any income tax at all - this includes retirement plan income. The nine states are: Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming Most read in MoneyCASH COMING $1,657 checks to be sent in just seven days as exact date of payments revealedMISSING MONEY $4,000 payment deadline passes as new...
    TALLAHASSEE (CBSMiami/NSF) – The Florida House on Thursday unanimously passed a proposal that would ask voters to increase homestead property-tax exemptions for first responders, teachers and military members, with the issue expected to go before a key Senate committee Monday. The proposal has been a priority of House Speaker Chris Sprowls, a Palm Harbor Republican who has pointed to the potential property-tax reductions as being more beneficial to Floridians than Gov. Ron DeSantis’ request to suspend state gasoline taxes for five months. READ MORE: Miami PD Announces Large Scale ‘Active Shooter Drill’ For Key Personnel On SaturdayIf approved by voters in November, the proposed constitutional amendment (HJR 1) would be projected to save $80.9 million for the targeted property owners next fiscal year, with the annual savings growing to $93.6 million in five years. House members also passed an accompanying bill (HB 1563). Sponsor Josie Tomkow, R-Polk City, said the proposal is “targeted relief” to first responders and other Floridians who have jobs that people rely on daily. It would apply to classroom teachers, law enforcement officers, correctional officers, firefighters,...
    TALLAHASSEE (CBSMiami/NSF) – A proposal that would increase homestead property-tax exemptions for teachers, military members and first responders is ready to be considered by the Florida House. The State Affairs Committee on Thursday approved a pair of linked measures (HJR 1 and HB 1563) that could reduce non-school property tax revenue by more than $90 million a year. READ MORE: Consumer Reports Reveals Its 2022 Top 10 Vehicle PicksSponsor Josie Tomkow, R-Polk City, said the proposal is “one piece to the puzzle” in making Florida “the most desirable state for homeownership for not only these individuals, but everyone who wants to come to our great state.” Rep. Dotie Joseph, a North Miami Democrat who voted for the measures, said the state needs to do more to make Florida affordable for all residents. “The issues being addressed in this bill are not just faced by the professions that were selected in this bill,” Joseph said. Bob McKee, a Florida Association of Counties lobbyist, said the proposal would shift more of the tax burden to non-homeowners, businesses and some...
    TALLAHASSEE (CBSMiami/NSF) – Classroom teachers, members of the military, and first responders could receive higher homestead property-tax exemptions under a measure lawmakers could put before voters in November. Meanwhile, a separate proposal moving in the House would allow the Legislature to periodically change homestead exemptions to reflect increases in housing prices. READ MORE: Coast Guard Recovers 1 Body In Search For 38 After Boat Capsizes Off Florida CoastThe state’s Senate Community Affairs on Tuesday backed a proposal (SJR 1746 and SB 1748) that sponsor Jason Brodeur, R-Sanford, said could benefit about 413,000 Floridians, including 247,000 public and private school teachers. “This will be a big, big impact for those that were really our first responders, and those that we have seen have such a great impact in our communities,” Brodeur said. “This is also an attempt to help make housing more affordable for those folks.” However, local governments raised concerns about carving tax breaks out of city and county money. In voting for the measure, Sen. Gary Farmer, D-Lighthouse Point, said “we want to help people who are underpaid” as...
    NEW YORK (WABC) -- Federal help in the form of military doctors and nurses will arrive at New York City Health + Hospitals Coney Island.Help also arrived at University Hospital in Newark over the weekend.It's all part of the Biden administration's effort to address the surge in hospitalizations due to omicron.Similar resources will be arriving at North Central Bronx Hospital on Friday.President Joe Biden announced plans earlier this month to send military medical teams to the New York and New Jersey area to help with the omicron surge.The president said he told the Defense Department to prepare 1,000 military doctors and nurses for assignments at hospitals around the country.White House officials say 3,000 military medical workers have been deployed across the country since July 1.New York and New Jersey are two of six states receiving additional military medical aid.Hospitals in Rhode Island, Ohio Michigan, and New Mexico will also receive help.Also slated to begin Monday, the additional resources annoucned by Governor Kathy Hochul.Thirty National Ambulance teams are moving to support upstate counties in need of help transporting patients.A new Disaster...
                 Governor Glenn Youngkin is enacting some of his policies by executive order, but he’ll have to work with legislators to get other initiatives passed. State Senator Bryce Reeves (R-Spotsylvania) has introduced two bills focused on the governor’s goal to make Virginia more veteran friendly. “The bills, carried by Senator Reeves on behalf of Governor-elect Glenn Youngkin, signal that Governor-elect Youngkin’s administration values military and veteran families across the commonwealth and recognizes that Virginia must compete to retain its recognition as one of the most military and veteran-friendly states,” a Friday Reeves press release said. SB 528, if passed, would make up to $20,000 of military benefits exempt from Virginia income tax in 2021, $30,000 in 2022, and $40,000 in 2023. Most laws take effect in July following a legislative session, but SB 528 includes an emergency clause that would cause the bill to go into effect as soon as it is passed; however, the emergency clause requires four-fifths approval from the General Assembly. Cutting veterans’ retirement income tax was one of Youngkin’s campaign promises. SB 529 would allow...
    Five states have passed new laws that will allow those collecting military retirement checks to receive the additional benefit of collecting that money tax-free. The additions bring the total number of states to do this to 26, while nine others offer a partial exemption. Six states and Washington, D.C., fully tax military retirement funds, according to Military.com. EXCLUSIVE: MARINE OFFICER DISCHARGED AFTER CRITICIZING AFGHANISTAN WITHDRAWAL BEMOANS 'SYSTEMIC' PROBLEMS AT DEFENSE DEPARTMENT Retirees in Arizona, North Carolina, and Utah will see the change in their checks immediately, while those in Indiana and Nebraska will have to wait until the next tax year for them to go into effect. Arizona Gov. Doug Ducey’s executive budget for this fiscal year fully exempts income tax on all retirement pay, though previously up to $3,500 of military retirement pay was tax-free. Utah, similarly, had a limit to the amount of tax-free military retirement pay, though the bill the state passed last March changed that. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Nebraska and Indiana made the same change in recent months, though Indiana's...
    An Air Force -affiliated family stationed in Germany got a huge tax bill and a role in an international dispute after a fellow member of the branch turned their private financial information over to German authorities. Special agent Dirk Roessling of U.S. Air Force’s Office of Special Investigations at Ramstein Air Base provided a five-page report of the family’s spending ultimately used to charge them roughly $300,000, according to Stars and Stripes . MISSILE TESTS BY RUSSIA AND CHINA SHOULD BE 'WAKE-UP CALL' FOR BIDEN, EXPERTS SAY “It felt like there was a mole on the inside,” said the family patriarch, who worked as a military civilian at Ramstein under the NATO Status of Forces Agreement before moving to the United States last year. “They knew everything," his wife added. "I feel like they are Stasi people working there.” The family’s experiences are not unique for U.S. military personnel living in Germany. The German financial offices have sought to impose income taxes against them even though the U.S. argues such actions violate a clause in the Status of Forces...
    SDI Productions | E+ | Getty Images When it is time to leave the service, military members may be in for a financial shock. While the military generally packages everything for you, from jobs to housing and benefits, it's a different story when you leave the service, said certified financial planner Daniel Yerger, president of My Wealth Planners, based in Longmont, Colorado. "When you come out into civilian life, you're dealing with an a-la-carte job market," explained Yager, who served in the U.S. Army from 2008 to 2014 and now helps active duty military members with the transition to civilian life. More from Invest in You:Consumer prices are rising. Here are 4 strategies for smarter spendingYoung military families tap veteran benefits to buy homes in a hot marketMilitary spouses are turning to entrepreneurship "That is the biggest shocker that comes along, as well as the cost of things." Leaving the military yourself? These strategies can help you become financially secure when you transition back into civilian life.1. Plan aheadPlan your move out of active duty before the time comes. There...
    Dear MarketWatch, I have five years until I retire. I have a nest egg of $1 million and will also have a monthly military pension of approximately $6,000, and Social Security on top of that. I like cycling 60 miles a day and want to retire in a place that is known for good, safe cycling. I hate hot humid weather and don’t want a lot of snow. I love craft beer. And I would prefer a place with limited or no income tax on a military pension. Where should I retire? Fort Collins, Colorado, and Asheville, N.C., seem like good places, but the cost of living in Fort Collins seems above average, and I am told Asheville has a lack of housing. What other places should I consider and how do they compare with the two locations already mentioned? My wife likes the sound of “the Hill County in Texas,” but she knows the heat is bad. Charles Dear Charles, The Fort Collins and Asheville areas sound lovely. And popular places tend to be more expensive — that’s just...
    New legislation before Congress would require military leaders to eliminate the so-called “pink tax” by ensuring women receive uniform allowances more in line with what men receive. The bipartisan proposal, introduced Wednesday, comes just weeks after the Government Accountability Office found that women service members can pay as much as $8,300 out-of-pocket over the course of a 20-year career for uniform items not covered by annual clothing allotments. “Women service members pay far more than their male counterparts on uniforms,” said Rep. Julia Brownley, D-Calif., head of the House Veterans’ Affairs task force on women veterans and sponsor of the new legislation. “These gender-based inequities are antiquated, and we have a duty to ensure that all service members are treated fairly and do not incur disproportionate out-of-pocket costs for uniforms.” About 16 percent of the military’s enlisted forces and 19 percent of the officer corps are women, according to Defense Department statistics. Under the proposal, dubbed the The Equal Pay for Servicewomen Act, Pentagon leaders would be required to develop more consistent criteria for uniform requirements “so as to reduce differences in out-of-pocket uniform costs...
    Utah will no longer have the unwanted distinction of being one of the only states in the union to tax military veterans' retirement income, moving to exempt its 150,000 veterans, many of whom had been leaving the state to avoid the burden. Senate Bill 11, signed on March 11 by Republican Gov Spencer J. Cox, exempts retirement pay from income tax, including survivor benefits for service in the Armed Forces, including the reserve and National Guard, and is retroactive to the beginning of the 2021 tax year. Aside from Utah, only three states (California, Virginia, and Vermont) and the District of Columbia still fully tax military service member veteran’s income. “I've always been amazed that Utah continues to be one of the states that taxes our military's retirement income,” said Utah State Rep. Candice Pierucci, who was moved to work on the bill in part from volunteer work with World War II veterans as a student at Utah Valley University. Utah's veterans earn an average of $23,000 a year in military retirement income, including those formerly stationed at Hill...
    Service members in the U.S. military will get a rude awakening in the new year when they see their taxes increase over four months to pay back a deferment given to them back in September. President Trump’s payroll tax deferral policy was intended to provide financial relief and was applied automatically to some U.S. military salaries. The deferral was automatic for civilian employees with wages less than $4,000 per pay period and service members with a monthly rate of basic pay of less than $8,666.66, according to the Defense Finance and Accounting Service. There was no opt-out option for civilian or military employees.  MILITARY MEMBERS UNABLE TO OPT-OUT OF TRUMP’S PAYROLL TAX DEFERRAL FICA taxes, which fund Social Security and Medicare, were deferred from the payroll tax, which is paid separately from federal income taxes. The executive order applies only to the Social Security obligation of 6.2%. Unless the deferment is forgiven by Washington before the end of the year, many service members will be forced to start paying a total of 12.4% on Jan. 1. Veteran and military advocate Garrett Cathcart said the increase...
    MONTGOMERY, Ala. (AP) — Officials supporting a move to raise property taxes in a bid to improve Montgomery's troubled public schools say defeat could endanger the future of its military facilities, a leading employer in central Alabama. A recent military report pointed out the area's lack of support for public education, news outlets reported. Failing to fix the system's problems would put Maxwell-Gunter Air Force Base on shaky ground partly because service members don't want to move their families to the area, tax supporters say. “Without more options for quality public education, we risk Maxwell and Gunter missions being reduced or relocated to communities that offer quality public education,” retried Brig. Gen. Trent Edwards told a news conference Wednesday. That potential loss would affect almost 13,000 jobs attached to the base plus its annual economic impact of $2.6 billion, officials said. City and county leaders attended the gathering in support of an initiative on the November ballot to raise county property taxes above the legally mandated state minimum. The proposal, which would more than double the current rate to 22...
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