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Millionaires receive $1.7m in coronavirus relief as most taxpayers get $1,200 payments thanks to hidden Republican loophole
Key Excerpts from Article on Website of The Independent (One of the UK's leading newspapers)
Posted: April 25th, 2021
https://www.independent.co.uk/news/world/americas/coronaviru...
As millions of Americans woke up to $1,200 checks in their bank accounts, some of the nation’s richest taxpayers learned they were about to receive a bit of relief as well — about $1.7m each, to be exact. Nearly 43,000 millionaires across the country would soon profit off a loophole adapted from the Republican tax code overhaul of 2017, which allows certain business owners to significantly reduce their tax liability by temporarily suspending the limit of deductions they can place against non-business income. The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having “wrongly seized on this health emergency to reward ultrarich beneficiaries”, and called for the tax break to be immediately repealed. The Joint Commission on Taxation said that a staggering “82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually”. Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m. Rep. Lloyd Doggett (D-TX) ... slammed his Republican colleagues over the tax break in a statement alleging the loophole was “so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments”.
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