Taxes

TOPLINE The market finished higher on Wednesday as investors cheered the Federal Reserve’s decision to keep interest rates near zero and shares of Big Tech stocks rallied. Federal Reserve Chairman Jerome Powell at a House testimony last month. Tasos Katopodis/Getty Images KEY FACTS The Dow Jones Industrial Average was up 0.6%, over 150 points, on

WASHINGTON, DC – JULY 28: Senate Majority Leader Mitch McConnell (R-KY) arrives at the Senate … [+] Republican policy luncheon. (Photo by Drew Angerer/Getty Images) Getty Images Looking forward to the great partisan battle over the next COVID-19 relief bill? You may be disappointed. Nancy Pelosi already has won. True, the $1 trillion Senate GOP

The United States Capitol building at sunset, Washington DC, USA. getty One of the drumbeats of the current Congress is the need to be more fiscally responsible. That makes sense. Our current national debt is $26,536,793,171,015 – and growing. The federal deficit - so far for 2020 – is $2.744 trillion. That’s following a Congressional Budget Office

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 White House economic advisor Larry Kudlow and Treasury Secretary Steve Mnuchin laid out their expectations for the next stimulus bill during Sunday television appearances, as the race for Congress to pass the latest rescue package heats up amid the ongoing economic fallout from the coronavirus pandemic. President Trump with National Economic Council Director Larry

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

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

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 moved lower 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