What Congress Snuck Into CARES Act:

https://www.forbes.com/sites/shaharziv/2020/04/14/why-are-rich-americans-getting-17-million-stimulus-checks/#1d0dc54b665b

 

 

While wealthy Americans are not eligible for the comparatively measly $1,200 stimulus checks that are now being disbursed to many Americans, they are on pace to do even better. 43,000 taxpayers, who earn more than $1 million annually, are each set to receive a $1.7 million windfall, on average, thanks to a provision buried in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

 

You may or may not be surprised that some of the language conveniently inserted into the $2.2 trillion-dollar Coronavirus Aid, Relief, and Economic Security Act (CARES) skews heavily in favor of the wealthy. The provision doling out literally millions of dollars is aimed at a limitation that was created in 2017 when Republicans overhauled the tax code. It “temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their non-business income, such as capital gains, to reduce their tax liability,” according to The Washington Post.

 

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.

 

"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 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 This net operating loss loophole is a loser that should be repealed.”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.”

Breakdown of who benefits from changes inserted into the CARES Act

3 Likes

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!

Methodology showing average 2020 benefit for the 43,000 taxpayers who earn more than $1 million annually

Methodology showing average 2020 benefit for the[+]

PHOTO: SHAHAR ZIV

This number represents an average (mean) and clearly not all of those earning “only” $1 million will receive a $1.7 million tax cut; however, just as some may receive less than the $1.7 million, some may benefit much more. The numbers may be closer to the truth because of additional language that applies the policy retroactively “so losses in 2018 and 2019 can be ‘carried back’ against the past five years.”

 

The CARES Act is intended to provide much needed relief across all sectors of the US economy. However, it is troubling to see wealthy individuals receive extravagant benefits when millions of Americans, many of whom are struggling to make ends meet or coping with food insecurity, will receive so little.

1 Like

you're fat, i guarantee it

3 Likes

BrckNoHitBk -

you're fat, i guarantee it

6'3" 212lbs. 


 


Little muffin top as I've aged. 

2 Likes


2 Likes

yeah. those faggots can't be trusted to put together an honest bill. nancy or chuck should have caught that and complained. 

StrikingMMA - 



lol

In for later. Maybe I get a stimulus check after all? 

MarsMan -
FETT_Lay'n'PrayNINJA -
BrckNoHitBk -

you're fat, i guarantee it

6'3" 212lbs. 


 


Little muffin top as I've aged. 

Pics or GTFO. 


 


I find it incredible that people still can't see that - with politic - it's just a little "right x left" , but a lot more "them x us" . 

It's always been us vs the Oligarchy. 


 


The R vs D or most recently Libtard vs Trumptard is nothing more than a smoke screen to keep US fighting amongst each other in the Hope's we ignore what the Oligarchy is doing. 

6 Likes

ufc98newb -

yeah. those faggots can't be trusted to put together an honest bill. nancy or chuck should have caught that and complained. 

Meh. Nancy and Chuck both stand to gain from this. They wouldn't complain. They managed a decent facade by getting some checks and balances put in place on the corporate part of the stimulus (which is a good thing), but no way they would speak out against this portion. 

FETT_Lay'n'PrayNINJA -
ufc98newb -

yeah. those faggots can't be trusted to put together an honest bill. nancy or chuck should have caught that and complained. 

Meh. Nancy and Chuck both stand to gain from this. They wouldn't complain. They managed a decent facade by getting some checks and balances put in place on the corporate part of the stimulus (which is a good thing), but no way they would speak out against this portion. 

yeah. it's just fucking sad. 

Is this the same kind of logic AOC used to run amazon out of new york.

 

A tax break is not a cost.

3 Likes

FETT_Lay'n'PrayNINJA -
MarsMan -
FETT_Lay'n'PrayNINJA -
BrckNoHitBk -

you're fat, i guarantee it

6'3" 212lbs. 


 


Little muffin top as I've aged. 

Pics or GTFO. 


 


I find it incredible that people still can't see that - with politic - it's just a little "right x left" , but a lot more "them x us" . 

It's always been us vs the Oligarchy. 


 


The R vs D or most recently Libtard vs Trumptard is nothing more than a smoke screen to keep US fighting amongst each other in the Hope's we ignore what the Oligarchy is doing. 

yet you perpetuate that smoke screen every single day here. 

2 Likes

Cuckoldberry Finn -

Is this the same kind of logic AOC used to run amazon out of new york.


 


A tax break is not a cost.

sure. but taxes are necessary. was this tax break necessary?

ufc98newb -
Cuckoldberry Finn -

Is this the same kind of logic AOC used to run amazon out of new york.


 


A tax break is not a cost.

sure. but taxes are necessary. was this tax break necessary?

Depends on how necessary you believe taxes are.


 


I have no opinion on it, just was making the point that a tax break is not a cost.  That is all.

StrikingMMA - 



....fucking LOL. People are brilliant.

Cuckoldberry Finn -
ufc98newb -
Cuckoldberry Finn -

Is this the same kind of logic AOC used to run amazon out of new york.


 


A tax break is not a cost.

sure. but taxes are necessary. was this tax break necessary?

Depends on how necessary you believe taxes are.


 


I have no opinion on it, just was making the point that a tax break is not a cost.  That is all.

The article doesn't call it a cost, and only references the word cost in relation to lost revenue by sneaking this reverse Robin hood bullshit into the stimulus. The article clearly states it is a tax break. 

Jack Carter -
FETT_Lay'n'PrayNINJA -
MarsMan -
FETT_Lay'n'PrayNINJA -
BrckNoHitBk -

you're fat, i guarantee it

6'3" 212lbs. 


 


Little muffin top as I've aged. 

Pics or GTFO. 


 


I find it incredible that people still can't see that - with politic - it's just a little "right x left" , but a lot more "them x us" . 

It's always been us vs the Oligarchy. 


 


The R vs D or most recently Libtard vs Trumptard is nothing more than a smoke screen to keep US fighting amongst each other in the Hope's we ignore what the Oligarchy is doing. 

yet you perpetuate that smoke screen every single day here. 

Are you claiming innocence? 


 


We all perpetuate the RvsD shit here. 

1 Like

Reps and dems serve the save corporate masters. Trump was supposed to be the outsider, swamp drainer.

He even said he was going to raise taxes on the rich.

But he lowered them instead.

You can bet he's coming after social security and medicaid in his second term.

Kudlow can't wait. Gotta pay for these tax breaks somehow.

FETT_Lay'n'PrayNINJA -
Cuckoldberry Finn -
ufc98newb -
Cuckoldberry Finn -

Is this the same kind of logic AOC used to run amazon out of new york.


 


A tax break is not a cost.

sure. but taxes are necessary. was this tax break necessary?

Depends on how necessary you believe taxes are.


 


I have no opinion on it, just was making the point that a tax break is not a cost.  That is all.

The article doesn't call it a cost, and only references the word cost in relation to lost revenue by sneaking this reverse Robin hood bullshit into the stimulus. The article clearly states it is a tax break. 

yes it did.


 


"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."