How Some Rich Americans Are Getting Stimulus ‘Checks’ Averaging $1.7 Million
“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,” said Doggett. “Someone wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the #Trump family , with a tax loophole not available to middle class families. This net operating loss loophole is a loser that should be repealed.”
The analysis by the JCT showed in just how skewed a fashion the tax provision benefits the wealthy. It found that, “82 percent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1 million annually.”
If you take the report’s calculations at face value, that means that, on average, each of the eligible taxpayers would get a windfall of ~$1.7 million!