US millionaires will get tax breaks averaging $1.6 million each

US millionaires will get tax breaks averaging $1.6 million each

As per reports, because of provisions in the CARES Act, 43,000 American taxpayers, who earn more than $1M annually, are each set to receive a $1.6M in tax breaks. This comes as the act allows pass-through businesses deductions against their non-business income. Hedge-fund investors and real estate business owners are expected to benefit the most.

Kathy
Kathy
is it 2021 yet?
is it 2021 yet? 0 months

Millionaires and billionaires are set to reap more than 80% of the benefits from a change to the tax law Republicans put in the coronavirus economic relief package, according to a non-partisan congressional committee. The change – which alters what certain business owners are allowed to deduct from their taxes – will allow some of the nation’s wealthiest to avoid nearly $82bn of tax liability in 2020. Nearly 82% of the benefits from the tax law change will go to people making $1m or more annually in 2020, according to an analysis by the joint committee on taxation (JCT). Overall, 95% of individuals who benefit from the change make $200,000 or more. If you are not disgusted by this example of politicians essentially helping their big money donors, cronies, etc. at the expense of the rest of us losing tax dollars their wealth could have generated for things like trump’s idea to create jobs by repairing our infrastructure (still not started) then your head is in the sand or you are one of the beneficiaries of this scam. Hold the people who you vote into office accountable, stop making excuses for them. This country will never change for the better if we allow the ruling class to consistently make decisions that increase the wealth and power disparity which they already overwhelmingly possess.

ConcealCarryProtect
ConcealCarryProtect 0 months

Okay this is misleading. Allowing tax deductions is not giving them money. Its their money to begin with, they just get to keep it. The 1.6 million estimated is not money given to them as part of the stimulus.

Skeptic
Skeptic 0 months

https://www.whitehouse.senate.gov/imo/media/doc/116-0849.pdf

John W
John W 0 months

you mean like Nancy Pelosi? Nancy's let them eat cake moment. https://youtu.be/eqAQKtG5X_Y

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