Over 43,000 US millionaires will get 'stimulus' averaging $1.6 million each

[applegrove]

Over 43,000 US millionaires will get ‘stimulus’ averaging $1.6 million each

By Lee Brown at the NY Post

April 16, 2020 | 2:39pm

Over 43,000 US millionaires will get ‘stimulus’ averaging $1.6 million each

https://nypost.com/2020/04/16/43k-us-millionaires-will-get-stimulus-averaging-1-6m-each/?utm_source=reddit.com

 "SNIP......

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 trumpeted its assistance for working families and small businesses, but it apparently contains an even bigger benefit for wealthy business owners, the committee found.

The 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.

......SNIP"

[Doodley]

1. Approved by and voted by Democratic lawmakers. Trump got everything he wanted and where is the

testing for all who need it?

[no_hypocrisy]

2. Or their estates will receive it.

Stimulus won't save millionaires from CV-19.

They all won't survive.