Coronavirus Relief Bill Gave $70.3 Billion in Tax Breaks to 43,000 Millionaires, Average of $1.6 Million Each

The first thing you want to do when the economy starts collapsing is to give piles of free money to the extremely rich.

Unless the economy isn’t collapsing. In which case, the best thing to do is to inject capital into the capitalist elite.

Basically, no matter what is going on, the solution is to give fistfuls of cash to the very, very wealthy.

Freedom isn’t free.

New York Post:

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.

Hedge-fund investors and real estate business owners are “far and away” the ones who will benefit the most, tax expert Steve Rosenthal told the Washington Post.

Sen. Sheldon Whitehouse (D-RI) called it a “scandal” to “loot American taxpayers in the midst of an economic and human tragedy.”

So, how’s that $1,200 working out for you, goy?

Is it enough to last you through three months of lockdown?

Good! I’m so glad to hear it, really.

I bet you wanted $1,600,000 instead. But, you see, you don’t really need that money. Hedge fund and real estate investors, they need that money. Why, you ask?

You see, these financial elite are actually the hard working, bootstraps-towing elbow-greasers of the economy. If it weren’t for real estate investors, who would be there to buy up living space, and rent it out to you?

Then, how would you pay your rent?

I bet you didn’t think about that, huh?