Congress is facing fury over CARES Act tax breaks for the rich

[Yo_Mama_Been_Loggin]

Prompted by the pandemic, about 33.5 million people in the US have filed for unemployment in seven weeks. Jobs are scarce. Lines at food banks are miles long. Yet the CARES Act coronavirus relief package passed in March offers a windfall for the rich in the form of retroactive tax breaks unrelated to Covid-19, which will cost Americans $86 billon in 2020 alone (pdf).

Congress is facing mounting pressure to repeal two tricky provisions initiated by Senate Republicans nestled deep in that more than 800-page bill. The loopholes promise an average of $1.6 million for most millionaires, while everyone else tries to stretch a onetime $1,200 stimulus check.

Yesterday, 194 groups—including Americans for Tax Fairness, Oxfam, Greenpeace, United Steelworkers, and the American Federation of Teachers—wrote to Congress “to strongly oppose two costly tax hand-outs to wealthy business owners and corporations.”

The tax breaks allow them to offset losses in certain years by avoiding paying taxes in other years. These provisions operate retroactively and temporarily repeal reforms put in place just two years ago. The organizations write:

Those likely to benefit in a big way from this tax break include owners of real estate firms (possibly including The Trump Organization), hedge funds, private equity firms and law firms. Such businesses have the greatest capacity to weather the current economic disaster. Aid for this privileged group would be better spent on those suffering most from the pandemic.

https://finance.yahoo.com/m/1a78ee3d-f105-3a35-8467-883eea8358c9/congress-is-facing-fury-over.html

[Newest Reality]

1. More to come, though.

I am glad to see some lashing out on this big welfare scheme, or socialism for them, as some would call it.

What's General Cockwomble talking about now? Oh, eliminating the capital gains tax, (another sweet, sweet deal for the wealthy). Most of us have nothing to gain from that unless we are making some wealth off of our wealth or along those lines. It's for the haves.

Then, there is the payroll tax cut which is of little use to people not on a payroll, but good for companies and pushing SS and Medicare off a cliff. It's Xmas all the time for the wealthy and their corporations.

[progree]

2. One provision saves 43,000 tax filers a combined $70.3 billion (with a "b") in 2020

What they discovered would probably shock most Americans. “Just 43,000 individual tax filers covered by one of the Republican provisions would see their tax liability fall by a combined $70.3 billion in 2020. Nearly 82% of those who will benefit from that provision make $1 million or more, with 95 percent making over $200,000,” the lawmakers said in a statement on the JCT’s analysis ( https://www.whitehouse.senate.gov/news/release/whitehouse-doggett-release-new-analysis-showing-gop-tax-provisions-in-cares-act-overwhelmingly-benefit-million-dollar-plus-earners ).

let's see, $70.3 billion (in one year) / 43,000 tax filers = 70.3 9 / 43 3 = $1.63 million per filer on average

[struggle4progress]

3. "Them what's got, gits more. And them what ain't got: whatever THEY got, gits took"

Matthew 13:12

[rockfordfile]

4. Could see that coming

[BellaBarnes]

5. And Yet

Senators like Graham, R. Scott and Rubio are just having a total melt down because (SHOCK) people who are unemployed might get a few dollars more for a very short time while they are unemployed. Every time I read something like this I just want to -Not sure I can print what I want to do.

[crickets]

6. K&R for visibility.

[Brainfodder]

7. But surely it will TRICKLE DOWN?

Can't even be mad anymore, they are such obvious criminals just in govt. for the power and $ grabs, a bunch of sick fucktards with no regard for decency whatsoever!!!!!!!!

Greedy to no fucking end, really is time to take it back.

Jeff Bezos is richer than MANY whole countries.

He should be 100% tax rate once past, eh say 100M a year, if he can't survive on that, then just shoot the fucker for his and the rest of the world's own good, since he won't properly protect or care for his own employees? Which itself should be a crime punishable by let's go with death for now?




Feels like treason?