Tax Foundation Updates on COVID-19

 

Senate Receives Final Version of House Coronavirus Bill Offering Paid Leave Mar 17, 2020 04:23 pmThe House bill would provide two weeks of paid sick leave to workers who must quarantine, take care of a family member who is sick with coronavirus, or care for their children whose school or daycare has closed due to the public health emergency. Read More Tax Options for Economic Relief During the Coronavirus Crisis Mar 17, 2020 03:45 pm As policymakers consider ways to provide relief during the public health crisis and economic downturn, tax policy can provide a set of tools to increase stability for both individuals and businesses. Instead of simply reaching for fiscal stimulus with the goal of increasing economic activity, tax policy changes can give vulnerable individuals and businesses additional […] Read More Taxes and Liquidity During an Economic Crisis Mar 17, 2020 03:13 pm The coronavirus crisis is creating an unprecedented economic shock, and lawmakers are debating how to use fiscal policy tools to stimulate the economy and accommodate businesses and households during the public health emergency. One word frequently mentioned in these conversations is liquidity, which describes whether firms and individuals have enough cash (or assets that can […] Read More Summary of the OECD’s Impact Assessment on Pillar 1 and Pillar 2 Mar 17, 2020 11:24 am In February, the OECD presented its preliminary impact assessment on the Pillar 1 and Pillar 2 proposals. The impact assessment includes estimated revenue and investment effects presented at a country group level (low-, middle- and high-income countries and investment hubs). The OECD estimates global corporate income tax revenues to increase by 4 percent if both pillars get implemented, […] Read More Income Taxes Are More Volatile Than Sales Taxes During an Economic Contraction Mar 17, 2020 09:52 am With GDP forecasts turning sharply negative for the quarter, states are bracing for the worst—or will be when legislative sessions resume after the suspensions many have implemented in light of the COVID-19 pandemic. On Sunday, Goldman Sachs cut its second quarter U.S. GDP estimate from 0 percent to a stunning -5 percent, which would represent […] Read More