Over 43,000 US Millionaires Will Get ‘Stimulus’ Averaging $1.6 Million Each

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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 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, the Washington Post said. 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.

“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.

Read more at THE NY POST.

{Matzav.com}

5 COMMENTS

  1. the post is idiotic, they arent given any money, their business losses are being written off as a personal income tax break. The only people who would have a problem with that are those who feel that no one has a right to be a millionaire.

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