Thursday evening, Senate Republicans released the Coronavirus Aid, Relief and Economic Security (CARES) Act. This bill is intended to be a third round of federal government support in the wake of the coronavirus public health crisis and associated economic fallout, following the $8.3 billion in public health support passed two weeks ago and the Families First Coronavirus Response Act.
The CARES Act builds on the two former pieces of legislation by providing more robust support to both individuals and businesses, including changes to tax policy. The bill includes:
We estimate the rebate will decrease federal revenue by about $248 billion in 2020, according to the Tax Foundation General Equilibrium Model. This credit is one-time, but policymakers may consider additional rebates if the downturn is prolonged. We estimate that the rebates would increase taxpayer after-tax income by about 2.05 percent, ranging from 7.11 percent at the lowest quintile and falling to 1.82 percent for the 80th to 90th percentiles. The rebate is structured progressively but does not include non-filers who tend to have lower income. The rebate would also use 2018 tax returns to determine rebate eligibility, which may not accurately reflect individual incomes in 2020. Table 1. Conventional Distributional Effect of Proposed Recovery Rebates in the CARES ActIncome levelPercent Change in After-Tax Income0% to 20%7.11% 20% to 40%4.31% 40% to 60%4.03% 60% to 80%2.90% 80% to 90%1.82% 90% to 95%0.65% 95% to 99%0.02% 99% to 100%0.00% Total 2.05% (SOURCE) READ MORE HERE: https://taxfoundation.org/cares-act-senate-coronavirus-bill-economic-relief-plan/ |
AuthorDr. Jim Schroeder is the Founder of Leadership by Design. He has been writing about leadership and organizational growth for over 30 years. Categories
All
Archives
March 2020
DENTIST CONNECT - Monthly Membership
$50.00
Set up your confidential profile then work with your personal LBD Advisor who will help you set goals and expectations, identify a career path, help you make great connections with other dentists, and provide support and guidance long after the paperwork is signed. LEADERSHIP STYLE - Work of Leaders
$125.00
Everything DiSC Work of Leaders approaches leadership as a one-to-many relationship, as opposed to the one-to-one relationship. Taking this assessment will help leaders focus on tangible steps directed at leading a diversified group of individuals toward a desired united outcome. Using the framework of Vision, Alignment, and Execution, Work of Leaders encourages leaders to understand their own leadership styles and how they impact their effectiveness. Rich, compelling narrative adds depth to the data and strong visuals support the learning process by illustrating key messages. MANAGEMENT STYLE - Everything DiSC Management
$125.00
Everything DiSC Management® is a great tool for anyone in a managerial or team environment who manages or regularly engages with other staff. Learning about your unique strengths and challenges - as well as weaknesses - will help you work better with others. And, your insights will help with your ability to be more effective in managing and empowering others on a daily basis. EVERYTHING DiSC MANAGEMENT WILL HELP YOU HOW IT WORKS: |