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Wed Apr 15, 2020, 08:05 PM

"...Rich Americans Are Getting Stimulus 'Checks' Averaging $1.7 M."

https://www.forbes.com/sites/shaharziv/2020/04/14/why-are-rich-americans-getting-17-million-stimulus-checks/#3128147f665b

“....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,” said Doggett. “Someone wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the Trump family, with a tax loophole not available to middle class families. This net operating loss loophole is a loser that should be repealed.”

The analysis by the JCT showed in just how skewed a fashion the tax provision benefits the wealthy. It found that, “82 percent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1 million annually....”

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Reply "...Rich Americans Are Getting Stimulus 'Checks' Averaging $1.7 M." (Original post)
handmade34 Apr 2020 OP
Hoyt Apr 2020 #1
central scrutinizer Apr 2020 #2
handmade34 Apr 2020 #4
Doodley Apr 2020 #3

Response to handmade34 (Original post)

Wed Apr 15, 2020, 08:13 PM

1. I think the carry back of loses applies to anyone, it's just wealthy are ones with several

corporations/businesses.

I’d like to see capital gains taxed at much higher rates, trump tax cuts reversed, and a tough estate tax. But, honestly, if someone has several businesses, one losing a lot of money, I can’t get bent out of shape over their being able to offset loses.

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Response to handmade34 (Original post)

Wed Apr 15, 2020, 08:56 PM

2. I got zero $

I took a big distribution from my IRA to help my daughter make her down payment on her house. No regrets.

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Response to central scrutinizer (Reply #2)

Wed Apr 15, 2020, 08:59 PM

4. we love our kids...

I gave my money to my daughter because she lost her job

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Response to handmade34 (Original post)

Wed Apr 15, 2020, 08:56 PM

3. It was supported by Democratic lawmakers, and that pisses me off. What did we get? Testing

for all was the most important thing. Didn't even get that.

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