Tax
Low-Income Workers Without Children May Miss Out On The Coronavirus Rebates
To get the coronavirus rebates in the Coronavirus Aid, Relief, and Economic Security (CARES) Act this year, most people will have to file an income…
Read MoreApril 2nd Evening State Tax Update
On March 19 we launched a tracker providing a repository of information related to state fiscal policy responses to COVID-19. We are updating the tracker frequently and will be using the Tax Foundation blog to summarize new developments and provide analysis of relevant trends as they emerge. This blog post is part of that series.…
Read MoreUnderstanding the Paycheck Protection Program in the CARES Act
Americans are still digesting the $2.2 trillion CARES Act (H.R. 748), which passed last week as the largest financial support package in U.S. history. The law runs more than 800 pages and contains hundreds of provisions designed to dispense relief to individuals and businesses in the wake of the ongoing public health crisis. While many…
Read MoreState Strategies for Closing FY 2020 with a Balanced Budget
Key Findings As states grapple with declining revenues and delay tax collections, policymakers must begin to think about how to close out their FY 2020 budgets consistent with balanced budget requirements. Every state but Vermont has a balanced budget requirement, but details vary across the country. In some states, a budget must be balanced when…
Read MoreTreasury Now Will Send Coronavirus Payments To Social Security Beneficiaries Without Income Tax Returns. That May Be Bad News For Many.
Last night, the, the Treasury Department announced it was reversing course and would make direct coronavirus rebate payments to Social Security beneficiaries even if they…
Read MoreVAT Bases in Europe
Countries around the world have been introducing various fiscal measures to alleviate the economic distress caused by COVID-19. One measure—among many—has been to provide relief through temporary changes of Value-Added Taxes (VAT), such as delaying payments, speeding up refunds, or reducing rates. However, the extent to which businesses and consumers will benefit from such relief measures will depend…
Read MoreIdaho, Mississippi, and Virginia are the Holdouts on July 15th Tax Deadlines
As we all try to limit our exposure to the coronavirus as much as possible, delayed tax filing and payment deadlines are one less thing to worry about for now—at least in most states. It was state governments that took the lead, extending deadlines even before the federal government acted, but once the IRS extended…
Read MoreTreasury Struggles With CARES Act Rebates To Social Security Beneficiaries
The Coronavirus Aid, Relief, and Economic Security (CARES) Act promises that low-income Social Security beneficiaries will automatically get their $1,200 COVID-19 rebate, but new guidance…
Read MoreThe CARES Act Says Social Security Beneficiaries Will Get Their Rebates Automatically, But The IRS Tells Them To File An Income Tax Return
The Coronavirus Aid, Relief, and Economic Security (CARES) Act promises that low-income Social Security beneficiaries will automatically get their $1,200 COVID-19 rebate, but new guidance…
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