GI Bill is popularly known as the Servicemen’s Readjustment Act which came into existence in 1944. It is a law that offers several benefits to returning World War II veterans which were also referred to as G.I.s. The American Legion designed this bill and also, worked to let it pass through the Congress as well as the Veterans of Foreign Wars.
With the chief aim of providing immediate rewards to all the World War II veterans, this act has been a helping hand to them by avoiding the postponed life insurance policy pay-out that was for World War I veterans which caused a huge political turmoil for a long time. The Bill included certain assured benefits such as one year of unemployment compensation, low-cost mortgages, low-interest loans to start a business, dedicated payments of tuition and living expenses to attend high school, college or vocational/technical school.
With its high availability for all the servicemen on active duty during the war years for at least 90 days who had not been dishonourably discharged were eligible for getting the cover. Not only this, the Bill recipients enjoyed 0% income tax on the G.I. benefits as the money was not earned.
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