Playbook: The year-end cliff
THERE ARE NO CONVERSATIONS right now about another round of Covid relief. None. The White House is silent. The Hill is quiet. That means no new programs, no new money for Americans before the holiday season.
THERE ARE NO CONVERSATIONS right now about another round of Covid relief. None. The White House is silent. The Hill is quiet. That means no new programs, no new money for Americans before the holiday season.
BUT EQUALLY NOTABLY, a number of crucial provisions expire at the end of this year, which is 44 DAYS from now:
THE PANDEMIC EMERGENCY UNEMPLOYMENT COMPENSATION, which gives 13 weeks of extra UI to those who have run out of options, ends. … THE PANDEMIC UNEMPLOYMENT ASSISTANCE -- used by gig workers -- runs out. …
THE EVICTION MORATORIUM ends. … STATE AND LOCAL funding stops flowing. … 2020 REBATE CHECKS end, as does STUDENT LOAN forbearance. … SMALL BUSINESS debt relief ends. … CHARITABLE DEDUCTION LIMITS expire. … THE EXCLUSION of employer payments of student loans stops. …
THE REFUNDABLE TAX CREDIT for required paid sick leave runs out. …THE CREDIT for family and sick leave for self-employed individuals ends. … THE PAYMENT DELAY for employer payroll taxes ends. … CHANGES on net operating losses end. 33 TAX PROVISIONS end at the close of the yr
IN OTHER WORDS, a huge safety net for Americans is going to be yanked away at the end of 2020, and Congress isn’t preparing much of anything to keep people from plummeting.
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