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The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
In 1940, benefits paid totaled $35 million. These rose to $961 million in 1950, $11.2 billion in 1960, $31.9 billion in 1970, $120.5 billion in 1980, and $247.8 billion in 1990 (all figures in nominal dollars, not adjusted for inflation). In 2004, $492 billion of benefits were paid to 47.5 million beneficiaries. [39]
Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090. Self-employed persons would pay 16.00% on earnings (up from today's 12.4%) under this proposal. [117] Raise the retirement age(s). Raising the normal retirement age by two months per year until it reaches 69 in ...
The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, [2] Pub. L. Tooltip Public Law (United States) 115–97 (text), is a congressional revenue act of the United States originally introduced in Congress as the Tax Cuts and Jobs Act (TCJA), [3] [4] that amended the Internal Revenue Code of 1986.
Enhance tax enforcement, by investing $80B in the IRS over a decade on systems and personnel. CBO estimates an additional $200B in collections over a decade. Increase corporate taxes, by implementing a 15% minimum tax applied to accounting income and a 1% tax on stock buybacks. The Act does not directly increase taxes on individuals. [58]
Maximum wage. A maximum wage, also often called a wage ceiling, is a legal limit on how much income an individual can earn. [1] It is a prescribed limitation which can be used to effect change in an economic structure. [2]
The wealth gap between Caucasian and African-American families studied nearly tripled, from $85,000 in 1984 to $236,500 in 2009. The study concluded that factors contributing to the inequality included years of home ownership (27%), household income (20%), education (5%), and familial financial support and/or inheritance (5%). [11]
The United States dollar ( symbol: $; currency code: USD; also abbreviated US$ to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official currency of the United States and several other countries.
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