Federal Tax

Millions of American workers have been laid off due to the economic downturn associated with the spread of the coronavirus. Complying with both the Trump Administration and applicable state government self-quarantine guidance, many have lost their jobs. According to the Department of Labor (DOL), jobless claims reached 3.28 million last week, an increase of 3
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Right now, the public health emergency and financial crisis created by shelter-in-place, social distancing, and quarantine orders must be met with fast legislative response to provide temporary economic relief. Senate Republicans proposed the CARES Act last week, while House Democrats released their own proposal yesterday. The differences between the proposals are huge, raising the issue
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Countries around the world are implementing emergency tax measures to support their debilitated economies under the coronavirus (COVID-19) threat. Providing tax relief to the people and companies that are most affected, until the emergency abates, is welcome. Countries should consider tax relief measures because the health issue is creating a substantial economic shock. Taxes that
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The coronavirus crisis is creating an unprecedented economic shock, and lawmakers are debating how to use fiscal policy tools to stimulate the economy and accommodate businesses and households during the public health emergency. One word frequently mentioned in these conversations is liquidity, which describes whether firms and individuals have enough cash (or assets that can
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Governmental responses to the coronavirus outbreak will require creativity and flexibility—and one aspect of that may involve temporarily rethinking how we structure not only unemployment insurance (UI) benefits but also the taxes that pay for them. As this public health crisis unfolds, it will be necessary to ensure that (1) those who lose their jobs
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Countries around the world are implementing emergency tax measures to support their debilitated economies under the coronavirus (COVID-19) threat. The following countries implemented or plan to implement tax relief for businesses and households affected by this health crisis: China has reduced its value-added tax (VAT) from 3 percent to 1 percent for the cash accounting
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A recent report on tax revenue sources shows the extent to which the United States and other OECD countries rely on different taxes for government revenues. Policy and economic differences among OECD countries have created variances in how they raise tax revenue, with the United States deviating substantially from the OECD average. In the United States, individual
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Income inequality, and what should or should not be done about it, is one of today’s most hotly contested economic debates. And as such, it’s had a big impact on how the tax policy debate has evolved recently. Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT), for example, have both released detailed proposals to enact
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