New COVID-19 Bill Would Offer Tax Waiver on Up to $10,200 of Unemployment Insurance Benefits

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  • The US Senate Saturday passed a COVID-19 relief package that could save millions of people from a surprise tax bill
  • Senate Democrats last week agreed to lower additional jobless benefits to $300 per week from $400 but extended the payments through Sept. 6
  • The bill also provides for a tax waiver on the first $10,200 unemployment income for those who made less than $150,000 in adjusted gross income in 2020
  • This move is aimed at keeping famililies from being hit by a surprise tax bill at a time when people were still struggling financially
  • The House plans to vote again on the bill on Tuesday and then send it to the President to sign into law