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There’s a notable tax exemption tucked into the version of the stimulus package the Senate passed over the weekend: it has to do with unemployment benefits.
Specifically, people making up to $150,000 wouldn’t be taxed on the first $10,200 in unemployment benefits they received. That could make a real difference for many.
Around 40 million Americans received unemployment insurance benefits in 2020, with the total outlay coming to more than $580 billion, according to a report from The Century Foundation (TCF). Less than 40% of UI payments in 2020 had taxes withheld, per the report — and details ⇒
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