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Millions of unemployed Americans could be in store for surprise tax bill
Higher taxes will be ‘very damaging’ to working families: Rep. Kevin Brady
Rep. Kevin Brady, R-Texas, provides insight into how raising taxes have impacted inflation.
Millions of out-of-work Americans who collected unemployment benefits as a result of the COVID-19 pandemic could face an unpleasant surprise when they file their taxes this year.
That's because unemployment benefits, including the extra money distributed through federal aid programs, count as taxable income.
THESE STATES ROLLED BACK THEIR GASOLINE TAXES. OTHERS COULD FOLLOW
Unemployment benefits vary by state, but the $1.9 trillion American Rescue Plan that Democrats signed into law last March sweetened the aid, giving beneficiaries an additional $300 per week through the beginning of September. The average laid-off worker was receiving about $630 per week in benefits before the boosted aid expired on Sept. 6, 2021.