WASHINGTON — It's the time of year to start thinking about taxes — but the upcoming filing season is going to be a bit trickier for many Americans due to rampant unemployment, working from home and general upheaval due to COVID-19.
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Workers are not required to have federal taxes withheld from their benefit payments. While people have the option to have the tax withheld, many do not.
Quite a lot has been going on:
How the middle class has benefited from the U.S. tax system for decades - The Washington Post
So how did such a gulf open between popular perceptions of middle-class taxation and the reality painted by the data? It has to do with the forces that are conspiring to drive middle-class taxes down and middle-class benefits up.
Not so long ago, the popular perception had firmer ground in reality. Coming out of the Vietnam War era, the middle class really did pay a substantial share of taxes and reap a much smaller share of benefits. But in a matter of decades, that trend would reverse.
How the pandemic is complicating taxes for millions of Americans - CBS News
"Many Americans will soon find out that they have tax liability in a state where they didn't expect," said Jared Walczak, a fellow at the Tax Foundation, estimating that tens of millions of people could be affected. "It has the potential to discourage Americans from working from home in the future."
Many workers appear unaware that working from home could change where they send checks next April 15. An October poll of employees by the American Institute of Certified Public Accountants found that 71% didn't know that working from home could impact their state income taxes.
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In case you are keeping track:
Dozens of NY lawmakers ready to pass taxes on wealthy | News | oleantimesherald.com
ALBANY (TNS) — Gov. Andrew Cuomo has remained steadfast in his pursuit of federal aid to close the state's multi-billion-dollar deficit, but state legislators are urging a return to session before the New Year to pass revenue raisers — including taxes on the wealthy — and financial relief for struggling New Yorkers.
Dozens of senators and Assembly members on Thursday called for a return to Albany to pass taxes on wealthy New Yorkers as well as approve several bills that would provide relief and protection to vulnerable New Yorkers, like those at risk of eviction when the statewide moratorium expires on Jan. 1.
Lawmakers Discuss December Session to Raise Taxes on Wealthy
During a virtual press conference Thursday, elected members and advocates made the same point several different ways: the wealthy must pay their fair share to help alleviate the current economic crisis brought on by the pandemic.
What You Need To Know State lawmakers want the wealthiest pay more to offset economic losses due to coronavirus
There is discussion in both houses about convening this month to raise taxes on the wealthy
Governor Cuomo says he is open to raising taxes, although not until aid package from Washington comes through
Hunter Biden, president-elect's son, says federal prosecutors probing his taxes
Hunter Biden , President-elect Joe Biden's son , said Wednesday that federal officials in Delaware are investigating his taxes.
"I learned yesterday for the first time that the U.S. Attorney's Office in Delaware advised my legal counsel, also yesterday, that they are investigating my tax affairs," Hunter Biden said in a statement.
"I take this matter very seriously but I am confident that a professional and objective review of these matters will demonstrate that I handled my affairs legally and appropriately, including with the benefit of professional tax advisors."
St. Louis County collects 98% of taxes during pandemic year | Duluth News Tribune
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