So far, the federal government has focused on short-term policies to stem the spread of COVID-19 and provide immediate relief, but soon they will need to address what may prove to be an even more difficult task: ensuring a strong post-crisis recovery.
TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation President Scott Hodge and Vice President of Federal Tax and Economic Policy Karl Smith tackle this important issue in a new video discussion that asks:
- What challenges should we expect to face as the U.S. economy begins to reopen?
- When is the right time for legislators to start focusing on long-term recovery vs. short-term needs?
- What policies should federal legislators pursue to clear a path to recovery?
- How can policymakers improve the U.S. tax system so that it’s better prepared to deal with future crises?
For more information on the coronavirus crisis and what it means for tax policy across the country and throughout the world, visit our COVID-19 resource center.
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