: Daily Deduction

More Loans, Loan Oversight, and Charitable Deductions?

The Federal Reserve launches an emergency business lending program.
June 16, 2020Renu Zaretsky
: Daily Deduction

Next Steps for Relief Remain Unclear

The White House debates itself over coronavirus relief.
June 15, 2020Renu Zaretsky
Since mid-March, over 40 million Americans have filed initial claims for Unemployment Insurance benefits, which exceeds total claims filed during 81 weeks of the Great Recession.
June 15, 2020
: Daily Deduction

New Unemployment Claims, Guidance, Outreach, and Scottish Relief

Over 1.5 million Americans filed for unemployment benefits last week.
June 12, 2020Renu Zaretsky
: Daily Deduction

The Sky Isn’t Falling, But It May Be Cheaper

The Fed: The unemployment rate will fall to 9 percent by end of year but expect no interest rate hikes through 2022.
June 11, 2020Renu Zaretsky
Federal Budget and Economy: TaxVox

TPC Updates Its Online Briefing Book

To follow significant fiscal changes, such as those being driven by the legislative responses to the COVID-19 pandemic, it helps to have a background in...
June 11, 2020Frank Sammartino
Federal Budget and Economy: TaxVox

If Trump Curbs New COVID-19 Aid To State and Local Governments, He Will Help Defund The Police

President Trump has taken a strong position against calls by some on the political left to “defund” police departments. At the same time, he continues...
June 10, 2020Howard Gleckman
: Daily Deduction

Oversight, Rules, Priorities and Plans

SPSCI: IRS needs to conduct more oversight of its Free File partnership.
June 10, 2020Renu Zaretsky
: TaxVox

The COVID-19 Crisis Reveals The President’s Misplaced Budget Priorities

Presidential Budgets reveal much about the priorities of an administration. President Trump’s fiscal year 2021 budget, released in early 2020, proposes almost no additional resources...
June 9, 2020C. Eugene Steuerle
: Daily Deduction

After Bad Economic News, What Next?

The recession (officially) started in February.
June 9, 2020Renu Zaretsky
: TaxVox

COVID-19-Related Policies Can Better Boost the Economy By Targeting Less To Savers

Congress has responded to the COVID-19 pandemic-induced economic slowdown by putting hundreds of billions of dollars directly into people’s pockets. Much of this came from...
June 8, 2020C. Eugene Steuerle
: Daily Deduction

A Jobs Report Raises Questions

Is the recession over?
June 8, 2020Renu Zaretsky
In 2018, the IRS audited 0.6% of all individual income tax returns filed. The audit rate has steadily declined since 2011, and 2018 saw the lowest individual audit rate in the last 15 years.
June 8, 2020
Business Taxes: TaxVox

Congress May Soon Choose Between Wage Credits Or More Unemployment Benefits

With the May jobless rate at 13.3 percent —an improvement over April but still terrible-- policymakers are considering many ideas to support workers in the...
June 5, 2020Howard Gleckman
: Daily Deduction

There’s bad news, and good news?

Almost half of Americans say they or somebody in their household lost income since March.
June 5, 2020
Federal Budget and Economy: Virtual Event

The Prescription: Fiscal Policy for the COVID-19 Economy with Jason Furman

The Tax Policy Center presents a series of online conversations on policy responses to the COVID-19 economy. These biweekly webinars will feature varying perspectives on...
June 4, 2020
: Daily Deduction

No Rebates, No Benefits?

Will the next coronavirus relief bill contain new rebates?
June 4, 2020Renu Zaretsky
Individual Taxes: TaxVox

HEROES Act Would Expand The EITC For Childless Workers And Help Fight Recession

The Health and Economic Recovery Omnibus Emergency Solutions Act , HEROES Act, would substantially increase the earned income tax credit (EITC) for workers without children...
June 3, 2020Elaine Maag
: Daily Deduction

Paying More For A Month, Collecting Less for A Year?

A “Return to Work Bonus?”
June 3, 2020Renu Zaretsky
State and Local Issues: TaxVox

Balancing School Budgets And Tax Hikes In The Middle Of A Pandemic

After nearly three months under a stay-at-home order, my daughter may have had it with my house rules. She sent me a TikTok video of...
June 3, 2020Renu Zaretsky
: Daily Deduction

A Huge Economic Hit And Charting a Path Forward

COVID-19 will drain $16 trillion from projected economic output over 10 years, CBO figures.
June 2, 2020Renu Zaretsky
State and Local Issues: TaxVox

COVID-19 And Government Actions Caused State Tax Revenues To Plunge In April

States and localities across the country are facing an unprecedented fiscal situation from the economic shock of the COVID-19 pandemic. Governors are confronting drastically falling...
June 1, 2020Lucy Dadayan
: Daily Deduction

Refund Seizures, Piles of Paper Returns, and Revenue Collections

Students with past-due loans sue the Treasury and Education departments over seizure of tax refunds.
June 1, 2020Renu Zaretsky
Individual Taxes: Brief

Understanding the Maze of Recent Child and Work Incentive Proposals

Policymakers continue to grapple with the related issues of unequal incomes, relatively poor health, education, and economic outcomes for low-income children, and hardship among low- and moderate-income families. To address these issues, several policymakers have proposed legislation that would
June 1, 2020Elaine MaagNikhita Airi
Property taxes are typically a steady revenue source for local governments (generating 17% of state and local revenue and over 25% in CT, NH, and NJ). But the COVID-19 pandemic has raised concerns about moving deadlines and missed payments.
June 1, 2020