A ProPublica study revealed that at least 18 American billionaires, as well as hundreds of other wealthy individuals, received federal stimulus checks even though the payments were intended to help poor and middle-income households weather the economic crisis of the Covid pandemic – 19.
ProPublica reported that around 270 wealthy people received payments in the first round of stimulus checks led by legislators at 2020, despite having a total of $ 5.7, 000 millions of dollars in revenue. The study was based on IRS data on the richest people in the country.
Therefore, the report stated that wealthy taxpayers received stimulus checks after take advantage of methods of tax deductions in order to have their net income less than zero , which is why you made them eligible to receive the checks.
In accordance with current regulations, full payments of $ 1, 200 dollars per single taxpayer and $ 2, 400 dollars for married couples only were available to single people earning less than $ 75,000 Dollars annually or couples with incomes below $ 150, 000 dollars per year.
Among the tycoons who received stimulus checks were George Soros, whose fortune value is estimated at $ 7, 500 million dollars and financier Ira Rennert, whose fortune is estimated at $ 3. 700 million dollars, according to the Bloomberg Billionaires Index.
ProPublica pointed out that the Soros representative reported that although he benefited from the support, he returned the check to the US authorities, in contrast, Rennert did not express any position on the matter.
It is clear that most of the stimulus payments went to households that legitimately qualified for checks, but the fact that the wealthiest received the aid underscores how different the US tax system works for the wealthy, ProPublica noted.
According to the investigation agency’s analysis, the 270 Wealthy people who received the checks did not request the payments, but the Internal Revenue Service automatically directed the assistance to anyone who determined that who qualified by income .
That the richest have received the checks has to do with the fact that they took advantage of amortizations, deductions and other loopholes to minimize their income, then, the IRS thought they had net income of less than zero, making them eligible for payments.
The ProPublica report comes as some Democratic lawmakers are pushing for a tax on billionaires, arguing that the nation’s wealthiest citizens should pay more for a matter of social justice.
According to Americans for Tax Fairness, during the pandemic, the collective net worth of approximately 500 American billionaires increased by $ 2 trillion, thanks to an increase in stock prices and the values of other assets.
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