government budget
Rand Paul Blocks Quick Passage of Ukraine Aid Bill
WASHINGTON—The Democratic and Republican leaders of the Senate tried to fast track a nearly $40 billion U.S. aid package to help Ukraine in its fight against Russia, only to be blocked by Republican Sen. Rand Paul of Kentucky, pushing passage of the bill into next week. Senate Majority Leader Chuck Schumer (D., N.Y.) and Minority …
U.S. Economy Grew Robustly in First Quarter
The U.S. economy expanded rapidly in the first quarter, growing at a 6.4% annual rate and extending what economists project will be a robust, consumer-led recovery from the pandemic this year. The jump in U.S. gross domestic product in the first three months of the year, reported by the Commerce Department on Thursday, put the …
An Unexpected Unemployment Tax Break: What to Know
In the massive stimulus package enacted earlier this month, lawmakers inserted a last-minute exemption for many taxpayers with up to $10,200 of unemployment payments for 2020. Normally this income is fully taxable on federal returns, so the change could save many filers $1,000 or more. The brain twister, for the agency and affected taxpayers, is …
Millions Are Suddenly Working From Home. Can They Claim a Tax Break?
If you’re one of millions of Americans who are now working from home instead of the office because of the coronavirus pandemic, count yourself lucky: you aren’t sick and you have a job. Still, both you and your employer may be wondering whether your remote work qualifies for any tax breaks. Have you bought a …
More Uninsured People, Faster Growth in Health-Care Spending Due to ACA Tax, Report Says
More Americans are going without health coverage and the pace of spending on health care nationally is rising in part because of an Affordable Care Act tax on insurers, Trump administration officials said Thursday. A federal report from actuaries at the Centers for Medicare and Medicaid Services revealed trends that are likely to further fuel …
For Landlords, a New Tax Break Comes With Strings Attached
Rental real estate is renowned for its many tax breaks, and the 2017 tax overhaul added a new one. Landlords who want to claim it for 2019 should be planning now, because they may need to send 1099 forms early next year. The benefit is the so-called 199A deduction of 20%. It applies to business …
