Trump's tax cut for military service members must be repaid in 2021
WASHINGTON — Under a presidential memorandum issued by the Trump administration, tens of thousands of service members and Defense Department civilians will get a tax break beginning this month as part of efforts to boost the economy during the COVID-19 pandemic.
But while these men and women will see larger paychecks for now, they will have to pay all the money back in 2021.
“This will be a huge problem to young military families,” retired Army Gen. Barry McCaffrey said. “They will by human nature spend the apparent pay RAISE and then get kicked in the chops when they get several months-worth of DOUBLE withholding.”
Effective in its September mid-month paychecks, the Defense Department will begin to temporarily defer the 6.2 percent Social Security tax withholding for all DOD service members who make less than $8,666.66 per month in basic pay, and all DOD civilians who make less than $4,000 per pay period (roughly $8,000 per month).
https://www.yahoo.com/news/trumps-tax-cut-military-members-130500080.html
What a guy
