The current crisis highlights the cost of underfunding pensions in years of economic growth. Twenty states have pension plans that were less than two-thirds funded, and five states had pension plans that were less than 50 percent funded.
3 min read
In addition to providing economic relief to individuals and loans to businesses struggling during the coronavirus crisis, the CARES Act changed several tax provisions to increase liquidity to ensure firms survive a large decline in cash flow.
7 min read
Compared to other tax revenue sources, consumption tax revenue as a share of GDP tends to be relatively stable over time, even during economic downturns.
2 min read
The Child Tax Credit (CTC) is a partially-refundable tax credit available to parents with qualifying dependents under the age of 17. Like other tax credits, the CTC reduces tax liability dollar-for-dollar of the value of the credit.
25 min read
If states fail to update their income tax conformity, they will wind up taxing the federal lifeline to small businesses in the CARES Act: the Paycheck Protection Program (PPP) loans.
3 min read
Seemingly unconcerned about how the digital project could impact the economy at this crisis moment, officials at the OECD recently released a statement boasting that they are continuing to work “full steam” on their global digital tax project.
5 min read
California extends tax filing and payment deadline to July 31 for a broad spectrum of business taxes as Virginia keeps May 1st tax filing deadline.
5 min read
Some policymakers are proposing a payroll tax holiday for businesses and individuals for 2020 and a complete delay in filing deadlines for tax year 2019 and 2020 to April 2021. What are the pros and cons of doing so?
4 min read