Taxes

Mother multi-tasking with infant daughter in home office getty The American Workers, Families, and Employers Assistance ACT, one of the components of the HEALS package now moving in the Senate includes provisions that protect against nasty state income tax surprises. It also includes some recognition of the pervasiveness of gig workers. I’m thinking the latter

getty We are all dealing with greater uncertainty than usual driven by questions like: How long will we be battling Covid-19? What will the economic impact be? How will the stock market perform? And will my kids ever go back to school? Another worry that might not be on everyone’s radar is the likely increase

Getty In March of 2020, the Senate passed the Coronavirus Aid, Relief, and Economic Security Act or the CARES Act. It was bigger than the original Senate proposal but smaller than the subsequent House proposal. Eventually, the two reconciled, and the CARES Act became law.  In May of 2020, the House introduced a new COVID-19 economic relief proposal. The bill, known as

Amerikanische Flagge vor einer Mauer und Flaggen anderer Länder getty Tax Notes contributing editor Robert Goulder talks with Steven A. Dean, faculty director of New York University School of Law’s graduate tax program, about the intersection of racial diversity and U.S. international tax policy.  Robert Goulder: Professor, thank you for joining us. Steven Dean: Thank you for having

TOPLINE Former White House Chief of Staff Mick Mulvaney repeated the possibility of the long-awaited $1 trillion GOP stimulus package being a smaller deal than what was originally anticipated, with Senate Republicans potentially being prepared to kick more contentious issues down the road for a future bill as coronavirus continues to pummel the economy. President

TOPLINE Top Trump administration officials said Sunday that Republicans are including another batch of stimulus checks in their proposal set to be unveiled this week, a revival of a popular element of the March rescue package, although the GOP is bent on reducing enhanced unemployment benefits, another favored benefit. President Trump’s name is seen on

Economic Security Planning, Inc. Today’s column addresses questions about spousal benefits, returning to work after disability benefits, retirement benefits before survivor benefits and decreasing what counts as substantial covered earnings due to the coronavirus shutdowns. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

Envelope from the U.S. Internal Revenue Service with “Important Message” notice and Urgent in red. … [+] Clipping path included. getty Last month (June 24, 2020), I wrote about the IRS plan to send out millions of misdated notices that would indicate to taxpayers that they needed to do something before a date that had

MIAMI SPRINGS, FLORIDA – JULY 16: Jose Abreu (C) and Shanita Rojas (R) protest in support of … [+] continuing federal supplemental unemployment benefits. Unemployment claims in Florida are increasing faster than the rest of the country. (Photo by Joe Raedle/Getty Images) Getty Images Senate Republicans and the White House may have reached a deal

ALBANY, NEW YORK, UNITED STATES – Among the most-populous 10 states, state and local tax revenue has … [+] increased the most in New York, much of it driven by tax hikes, especially in New York City. (Photo by Lev Radin/Pacific Press/LightRocket via Getty Images) Pacific Press/LightRocket via Getty Images Every year, the U.S. Census

MIAMI SPRINGS, FLORIDA – JULY 16: Carlos Ponce joins other demonstrators participating in a protest … [+] to support the continuation of unemployment benefits. (Photo by Joe Raedle/Getty Images) Getty Images As Congress scrambles to pass another COVID-19 relief bill, it must decide how best to put money into the hands of people who are

New economic data show a growing slowdown, underscoring the need for another stimulus package. But intra-party fights among Republican Senators regarding deficit spending are slowing the legislation, and will make the overall bill smaller than it should be. WASHINGTON, DC – JULY 20: Senate Majority Leader Mitch McConnell (R-KY) (L) listens to U.S. … [+]

getty Earlier today, the Senate passed S. 3841 by unanimous consent. The bill, which was first introduced by Senators Chuck Grassley (R-IA), Sherrod Brown (D-OH), Ron Wyden (D-OR) and Tim Scott (R-SC) in May, is titled “A bill to protect 2020 recovery rebates for individuals from assignment or garnishment, and for other purposes.” According to Sen. Grassley,

TOPLINE The stock market fell sharply on Thursday after jobless claims came in worse-than-expected, rising for the first time in nearly four months amid the recent surge in coronavirus cases across the country. Jobless claims rose for the first time since March, indicating a slowdown in the labor market’s … [+] recovery. Spencer Platt/Getty Images

WASHINGTON, DC – JULY 13: U.S. President Donald Trump listens during an event about citizens … [+] positively impacted by law enforcement, in the East Room of the White House on July 13, 2020 in Washington, DC. The president highlighted life-saving actions by law enforcement officers and cited these examples as a potential negative effect

In part three of our three-part series: Paying for the Pandemic, Kimberly Clausing, professor of economics at Reed College, and Robert Goulder, Tax Notes International contributing editor, discuss the role of business taxation in economic recovery. Here are a few highlights . . . On government pandemic loans and grants for businesses Kimberly Clausing: We need to distinguish

Getty When I was younger, a family friend gave us a pile of old dresses. Hand-me-downs weren’t new to us, and my mom was an amazing seamstress who could make almost anything look terrific (she handmade both of my prom dresses and most of my church dresses). But I didn’t have my mom’s talent. I

As benefits expire, rent comes due, the school year looms and states struggle, Washington’s warring factions are racing to rescue the economy and their political fortunes. Tom Williams/CQ-Roll Call, Inc via Getty Images, Mario Tama/Getty Images, Alex Wong/Getty Images, Doug Mills-Pool/Getty Images. Design by Forbes The coronavirus pandemic has taken an inconceivable toll on the

The Fed’s new municipal lending powers are not the solution to the massive fiscal problem facing states and cities. That’s up to Congress, and the focus needs to be on overcoming damaging and stubborn Republican opposition to increased state and local aid. State and local governments face a massive revenue shortfall, and more revenue is

Economic Security Planning, Inc. Today’s column addresses questions about the effect of taking widow(er)’s benefits before delayed retirement benefits, the chances of future Social Security benefits being reduced due to current financial shortfalls and WEP reductions with more than 20 years of substantial covered earnings. Larry Kotlikoff is a Professor of Economics at Boston University