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Over 43,000 US millionaires will get stimulus averaging $1.6 million each
Key Excerpts from Article on Website of New York Post


New York Post, April 16, 2020
Posted: April 26th, 2020
https://nypost.com/2020/04/16/43k-us-millionaires-will-get-s...

At least 43,000 American millionaires who are too rich to get coronavirus stimulus checks are getting a far bigger boost averaging $1.6 million each, according to a congressional committee. The Coronavirus Aid, Relief, and Economic Security (CARES) Act trumpeted its assistance for working families and small businesses, but it apparently contains an even bigger benefit for wealthy business owners, the committee found. The act allows pass-through businesses ones taxed under individual income, rather than corporate an unlimited amount of deductions against their non-business income, such as capital gains. They can also use losses to avoid paying taxes in other years. That gives the roughly 43,000 individual tax filers who make at least $1 million a year a savings of $70.3 billion or about $1.6 million apiece, according to the Joint Committee on Taxation. Hedge-fund investors and real estate business owners are far and away the ones who will benefit the most, tax expert Steve Rosenthal [said]. Rep. Lloyd Doggett (D-Texas) claimed that someone wrongly seized on this health emergency to reward ultrarich beneficiaries. For those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is 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, he stressed in a statement.

Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and the coronavirus pandemic from reliable major media sources.


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