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They can't afford bread. Let's sell them some cake.
-Jimmy Dore quoting someone else
The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having “wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the Trump family”, and called for the tax break to be immediately repealed.
The Joint Commission on Taxation said that a staggering “82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually”. Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m — a figure confirmed by the commission’s calculations and first reported by Forbes.
Meanwhile, some of those wealthy Americans earning more than $1m annually may receive far greater than $1.7 million, as the provision can be retroactively placed “so losses in 2018 and 2019 can be ‘carried back’ against the past five years”, according to the policy.
-Jimmy Dore quoting someone else
The loophole was included as a provision in the sweeping $2.2tn Coronavirus Aid, Relief and Economic Security (CARES) Act, according to a report published by the Joint Commission on Taxation. Democrats who ordered the report have since accused Republicans of having “wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the Trump family”, and called for the tax break to be immediately repealed.
The Joint Commission on Taxation said that a staggering “82 per cent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1m annually”. Those 43,000 taxpayers eligible for the loophole would receive an average windfall of nearly $1.7m — a figure confirmed by the commission’s calculations and first reported by Forbes.
Meanwhile, some of those wealthy Americans earning more than $1m annually may receive far greater than $1.7 million, as the provision can be retroactively placed “so losses in 2018 and 2019 can be ‘carried back’ against the past five years”, according to the policy.
