Here's how some rich Americans are getting stimulus 'checks' averaging $1.7 million:
The Joint Commission on Taxation report, requested by Senator Sheldon Whitehouse and Representative Llloyd Doggett, concluded that suspending the “pass through” limitation would cost the government over $90 billion in 2020 alone. Critics have argued that the benefits disproportionately accrue to wealthy individuals, including hedge fund investors and real-estate business owners, and the JCT confirms this.
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 This net operating loss loophole is a loser that should be repealed.” that, “82 percent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1 million annually.
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