The Fiscal Times |

Chart of the Day: The Dire State of State Tax Revenues

Lucy Dadayan of the Urban-Brookings Tax Policy Center breaks down the good, the bad and the ugly of the fiscal crisis facing states as the coronavirus pandemic crushes revenues and raises costs. “...
A Third of Unemployment Benefits Haven’t Been Paid Out: Report

The U.S. Treasury paid out $146 billion in jobless benefits in the three months ending in May as tens of millions of Americans lost their jobs due to the coronavirus pandemic. Although the number is...
IRS Letting High-Income Tax Cheats Dodge Billions in Payments: Watchdog

The Internal Revenue Service is failing to crack down on hundreds of thousands of high-income people who owe billions of dollars in taxes, according to a new report by the agency’s government...

Coronavirus Will Cost US Economy Nearly $16 Trillion, CBO Says

The coronavirus pandemic will shrink U.S. economic output by $15.7 trillion over the next decade, or $7.9 trillion after adjusting for inflation, the Congressional Budget Office estimated on Monday...
The Battle Over State Bailouts

States are confronting massive budget shortfalls as tax revenues plunge and social safety net spending soars, but there’s no clear sense in Washington about how to approach the problem. Despite...
Bipartisan Group of Lawmakers Wants Next Coronavirus Bill to Address Rising Debt

Congress is likely to pass another coronavirus relief bill at some point, but doing so may require addressing the mounting deficit concerns of a bipartisan group of lawmakers. A group of 60 House...
$1,200 Checks? $450 Bonuses? The Latest on the Next Coronavirus Lifeline

Congress has provided a lifeline for millions of Americans hurt by the coronavirus pandemic, providing a boost to incomes via one-time direct payments and implementing a range of other emergency...
Why US Incomes Jumped During the Pandemic

U.S. personal income rose by $1.97 trillion in April, the Commerce Department reported Friday. At 10.5%, it was the largest month-over-month increase on record – and it was driven almost entirely by...