How Does Losing a Job Affect Your Income Taxes?

There are a number of ways that income taxes can be affected by the loss of a job. Below are descriptions of three common situations and information from the IRS about how they affect federal income taxes:

  1. You get a new job but earn less than you did before: If you had a high income previously, where certain tax deductions were limited, you may no longer be subject to income-based phase-outs. If your income was more moderate before and is

What steps were taken to address U.S. economic crisis issues after 2008?

Among the steps that were taken to address the post-2008 economic crisis were changes in regulations concerning how mortgage loans are originated and a number of economic stimulus efforts. These measures used government spending or tax incentives to support or revive an economy in recession.

Examples of elements of the stimulus efforts were government payments to large financial services firms (to stabilize at-risk businesses), tax credits to qualifying families, funding for capital improvement projects (such as bridges, roads, and the …