Posts Tagged ‘taxes’

taxes

This is from an analysis by the Joint Committee on Taxation (pdf) of the distributional effects for 2020 of the tax changes Republicans managed to add to the CARES Act. Basically, the provision allows for a temporary suspension of the limitation on tax losses for owners of businesses known as pass-through entities. Before (from 2017 onward), owners of these entities could deduct a maximum of $250 thousand in losses from non-business income, such as stocks and bonds.

As is clear in the table above, more than 80 percent of the benefits from the tax law change will go to people making $1 million or more annually in 2020. Overall, 95 percent of individuals who benefit from the change make $200 thousand or more.

What’s the slogan of disaster capitalism? Never let a serious crisis go to waste. . .

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