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It seems Republicans just can't help themselves. Even in a bill designed to save many Americans from the financial hardships of the global pandemic, they can't help but sneak in giant tax breaks for the ultra-wealthy.
According to a congressional committee, around 43,000 millionaires may have been too wealthy to receive the $1,200 stimulus check that's being sent to most Americans...but will benefit far more once their tax breaks kick in.
@JoeNBC @gtconway3d Millionaires get 1.6M vs The average American will get $1200. Let that sink in!— Merrelyn Carmichael (@Merrelyn Carmichael) 1587116045.0
The CARES Act is best known for its modest benefits for average Americans and small businesses, but, hidden in its lengthy pages, its most generous benefit will award around $70.3 billion to thousands of wealthy business owners, averaging about $1.6 million each.
@DonCheadle Thank God......I was worried about how they would survive these troubled times— Dem Donald (@Dem Donald) 1587134755.0
@JoeNBC Millionaire class to the country: https://t.co/iDPJcmX3jz— Tom P. Baxter (@Tom P. Baxter) 1587114148.0
According to The New York Post:
"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."
@DonCheadle And their businesses will get huge forgiveable loans, they're getting their assets bought by the Fed toâ�¦ https://t.co/8KAMHfgqPU— I don't like being here (@I don't like being here) 1587134948.0
@slapjackdorsey @DonCheadle And weâ��ll do this all over again after next financial crisis.— Omar Minshawi (@Omar Minshawi) 1587135038.0
Steve Rosenthal, a tax analyst, told The Washington Post that "far and away" the greatest beneficiaries of this tax boon will be "hedge-fund investors and real estate business owners."
In the coronavirus "bailout" fraud (ie, corporate handout) passed by Congress, more than 43,000 US millionaires wilâ�¦ https://t.co/tqvq4n9q6n— Ben Norton (@Ben Norton) 1587135830.0
@BenjaminNorton And these 1200 checks have not arrived for many. People don't know if they'll ever get it or we'llâ�¦ https://t.co/nXFHAiKIZq— Michael Corcoran (@Michael Corcoran) 1587136265.0
Senator Sheldon Whitehouse (D-RI) couldn't believe Republicans would "loot American taxpayers in the midst of an economic and human tragedy."
More than 22-million people lost their jobs, yet..... #WakeUpCLT https://t.co/jrmBDsWTJd— Ben Thompson (@Ben Thompson) 1587115725.0
Someone please explain why these "businesses" got stimulus and small mom and pops are being left to twist in the wiâ�¦ https://t.co/0JpN2l1vd0— Chriss Bristow (@Chriss Bristow) 1587144184.0
Congressman Lloyd Doggett (D-Texas) also spoke out against this section of the law, saying "someone wrongly seized on this health emergency to reward ultra-rich beneficiaries."
If our governmentâ��s response to #COVID19 has taught us anything, itâ��s that they have no idea how to actually help eâ�¦ https://t.co/lIFZazGM7u— Melanie D'Arrigo for Congress (@Melanie D'Arrigo for Congress) 1587074380.0
You think the chump change $1,200.00 the government is giving you is cool. The rich are the ones who are really makâ�¦ https://t.co/04oFBv0NHY— TorbinH (@TorbinH) 1587071309.0
Doggett also said:
"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."
@ARoseIsStillAR3 @Nevets_Nonnac Looks like a handout to me— Miss Jackson (@Miss Jackson) 1587124556.0
Perhaps in a time of crisis, we should be distributing money to those who need it most instead of spending taxpayer dollars to make the rich even richer.