COVID-19 tax policy updates

COVID-19 response: A taxpayer guide to the CARES Act

Congress has approved, and President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a massive tax-and-spending package intended to provide additional economic relief to address the impact of the COVID-19 pandemic.

By some unofficial estimates, the tax and spending provisions in the legislation would increase the federal deficit by roughly $2 trillion. The Joint Committee on Taxation has estimated that the CARES Act’s tax provisions alone would reduce federal receipts by just over $591 billion between 2020 and 2030. No official score is currently available that measures the total revenue impact of the measure, however.

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