The Need for Income Averaging after COVID-19

Income averaging was a tax break that assisted people with large income deviations up until 1986.  After the 1986 Tax Reform Act, income averaging was eliminated for everyone except fishermen and farmers.  In the shadow of a wrecked economy and record unemployment caused by the COVID-19 pandemic, I encourage everyone to reach out to their Senators and Representatives and ask that income averaging be reinstated to assist those people and businesses suffering income losses for tax year 2020.