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The U.S. Unemployment System Is Broken But Fixable
Jan 26 2021, 2:05 AM
January 25 2021, 7:00 PM
January 26 2021, 2:05 AM
(Bloomberg Opinion) Now that Congress is on the cusp of boosting direct payments to $2,000  for  all but high-income Americans to help them through the pandemic, lawmakers should focus on shoring up and fixing the system of unemployment insurance.
(Bloomberg Opinion) Now that Congress is on the cusp of boosting direct payments to $2,000  for  all but high-income Americans to help them through the pandemic, lawmakers should focus on shoring up and fixing the system of unemployment insurance.
The goal of unemployment insurance, which was created in 1935 along with Social Security and other safety net programs, was to provide âsecurity against the hazards and vicissitudes of life,â according to then-President Franklin Delano Roosevelt. But current jobless benefitsâeven with extra weeks of benefits and expanded eligibil
Wyden in 2019 released a proposal to tax high-income people’s investment gains annually rather than when the investments are sold. He said he plans to do further work on this proposal.
“If you are a nurse in America taking care of COVID patients, you don’t get to defer paying your taxes. But if you’re a billionaire, you can defer, defer, defer some more and then pretty much never pay any taxes at all,” he said. “My plan would put a stop to that.”
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Wyden also said he wants to roll back “corporate tax giveaways” in Trump’s 2017 law as well as the cuts for high earners. Additionally, he said he wants to close the carried interest “loophole” that benefits investment-fund managers, and better target a tax deduction for income from noncorporate businesses created by Trump’s law.