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Coronavirus Assistance for American Families Act Would Provide More Generous Rebates for Dependents

On Thursday, U.S. Senators Marco Rubio (R-FL), Bill Cassidy (R-LA), Steve Daines (R-MT), and Mitt Romney (R-UT) released the Coronavirus Assistance for American Families Act (CAAF). This bill would change the way the economic impact payments—commonly known as recovery rebates or stimulus payments—could work in the next round of pandemic-driven relief for households.  The bill’s […]

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Senate Republicans Introduce the HEALS Act for Coronavirus Pandemic Relief

On Monday, Senate Majority Leader Mitch McConnell (R-KY) announced the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, backed by Senate Republicans as their opening bid for “Phase 4” economic relief ahead of negotiations with Senate and House Democrats. Phase 4 relief is the anticipated follow-up legislation to the $2 trillion Coronavirus Aid, Relief, […]

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Tax Options to Promote Short-Term Recovery and Long-Term Economic Growth in Wisconsin

Wisconsin, like every state, is experiencing a great deal of economic uncertainty amid the COVID-19 pandemic. States will need to use caution as they make revenue and spending decisions amid the ongoing public health crisis, but tax policy can play a valuable role in a state’s economic recovery, and policymakers ought to give careful consideration […]

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National Taxpayer Advocate’s Report Is a Road Map to Simpler Pandemic Relief Provisions

Last week, National Taxpayer Advocate Erin M. Collins released her first report to Congress on the challenges taxpayers have faced related to the coronavirus pandemic, including the tax changes made through the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The National Taxpayer Advocate’s findings show that policymakers should prioritize simplicity in the next round […]

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Iowa Decouples from 163(j) and GILTI, Clarifies Non-Taxation of PPP Loans

Iowa’s HF 2614, which passed both chambers of the legislature and now waits for the governor’s signature, makes several changes to the state’s tax code, which, although they will affect revenue, will encourage economic growth and make the state’s tax code more competitive. This bill decouples from GILTI and the net interest limitation and exempts […]

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GAO Report Reveals Need to Simplify Next Round of Rebates

The Government Accountability Office (GAO) recently released a report revealing that almost a half-million taxpayers missed their total rebate payment due to complications over disbursing funds to non-filers with eligible dependents. Taxpayers who do not regularly file tax returns—usually those who do not owe tax because they earn lower incomes or who receive federal disbursements […]