Uncle Sam Will Collect Billions on Unemployment Benefits

Millions of Americans may wind up owing Uncle Sam as much as $50 billion in taxes on unemployment benefits they got in 2020, CBS News reported.

As the IRS starts accepting and processing tax returns on Friday, the news outlet cited a report from Goldman Sachs that noted layoffs soared during the COVID-19 pandemic — and that could wipe out many taxpayers’ refunds and even dent the economy.

calculator with taxes on the screen with a spreadsheet of numbers

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