A Huge Economic Hit And Charting a Path Forward

A Huge Economic Hit And Charting a Path Forward

COVID-19 will drain $16 trillion from projected economic output over 10 years, CBO figures. The Congressional Budget Office projects that cumulative

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COVID-19 will drain $16 trillion from projected economic output over 10 years, CBO figures. The Congressional Budget Office projects that cumulative national output for the next decade will be $16 trillion less than it forecast before the pandemic. CBO projected output will fall by 14.2 percent in the second quarter of this year and 9.4 percent by year’s end. It does not expect growth to fully return to pre-COVID-19 trend before the end of the decade. The forecast includes the positive effects of the several recent coronavirus relief bills.

Tomorrow at 1:00pm: Tax Analysts Webinar: “Addressing the Economic Crisis: What’s Next for Federal Policy.” House Ways and Means Committee chair Richard Neal will make opening remarks. Pam Olson of PwC’s Washington National Tax Services and TPC’s Mark Mazur will follow with comments  on the scale of the economic crisis, the impact of federal policies to date, and possible future steps. Tax Analysts’ Cara Griffith will moderate a discussion with Pam and Mark. Register here.

Understaffed IRS fails to pursue high-income deadbeats. The IRS failed to pursue 879,415 high-income nonfilers in tax years 2014-2016, according to a newly released report by the Treasury Inspector General for Tax Administration (TIGTA). They had an estimated tax due of $45.7 billion. Nearly 370,000 were never selected for review and The IRS closed another…



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