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Roughly 75% of all Americans received a tax refund in 2022. The average refund, according to IRS data reported by CBS News, was nearly $3,200. This was a 14% increase over the prior year. State...
The impacts can be attributed not just to government intervention to contain the virus (including at the Federal and State level), but also to consumer and business behavior to reduce exposure to and spread of the virus. Real GDP contracted in 2020 by 3.5%, the first contraction since the 2008 financial crisis. Millions of workers were ...
The resulting lack of aggregate demand leads to deflationary pressure, or drag, on the economy, essentially due to lack of state spending or to excess taxation. One cause of fiscal drag may be bracket creep, where progressive taxation increases automatically as taxpayers move into higher tax brackets due to inflation. This tends to moderate ...
Inflation is still high, and consumer prices continue to steadily increase. Fortunately, some individual states are providing relief in the form of inflation relief checks. Learn: Why Does the Fed...
At this point, the federal government neared agreement on a stimulus proposal including direct cash payments to Americans. [20] Trump announced that the Small Business Administration would be providing disaster loans which could provide impacted businesses with up to $2 million. [21] FEMA was put in charge of procuring medical supplies on March 17.
Inflation ranked as the top financial concern for most Americans in 2023, according to the TaxAct survey. And a big part of that is because wage growth remains behind for most.
Forecasts of the economic loss from the three-month lockdown, which was subsequently eased in late May 2020, indicated that Pakistan would face its first annual economic recession since 1952. [367] Given the strained government resources, civil society and charity organizations became much more active in providing relief to the public during ...
The Internal Revenue Service (IRS) finally issued guidance regarding the federal tax status involving special payments made by 21 states in 2022, determining that taxpayers in many states will not...