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Axne, Durbin introduce bill to waive taxes on first $10,200 of 2020 unemployment benefits


Democratic Rep. Cindy Axne of Iowa and Sen. Dick Durbin, an Illinois Democrat, have introduced legislation that would waive federal taxes on unemployment benefits to provide tax relief for Americans who lost their jobs and received unemployment benefits last year. The Coronavirus Unemployment Benefits Tax Relief Act would waive federal income taxes on the first $10,200 of unemployment benefits received in 2020. The tax relief would extend to both workers who received benefits through federal unemployment programs like Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation as well as those who received traditional benefits through their state unemployment insurance fund. The CARES Act, passed by Congress in March 2020, provided an additional $600 in unemployment benefits through the end of July. The $10,200 of tax relief provided in the bill would cover 17 weeks of that $600 per week benefit. The U.S. Department of Labor estimates that more than 18 million Americans are still receiving some form of unemployment benefits. In May, over 25 million Americans were claiming some form of unemployment benefits.

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