The IRS forecasts that millions of jobs will be lost in the next few years
According to data released on Thursday, the IRS expects 229.4 million jobs to be classified as employees in 2021, about 37.2 million lower than the pre epidemic estimate of last year. The statistics are used to estimate the W-2 tax form and the amount of withholding tax the agency will receive. The report predicts that the number of W-2 declarations will be lower than previously estimated until at least 2027. The number of declarations in 2027 is expected to be about 15.9 million less than originally estimated. < / P > < p > W-2 is an imperfect indicator for assessing employment because it cannot track actual employment. Workers need to fill in more than 2 jobs. Still, the data suggest that it may take years for the U.S. economy to make up for the contraction suffered by covid-19. < / P > < p > the revised forecast also shows that by 2027, the filing of 1099-INT forms will decrease. This is the paperwork used to report interest income, suggesting that low interest rates can last for many years.
