Republicans handed millionaires another tax gift in the virus relief bill
By Emily Singer -April 14, 2020 4:06 PM
Senate Republicans added a tax break into the relief package that overwhelmingly benefits those who earn more than $1 million a year, a study found.
Senate Republicans slipped a tax provision into the coronavirus relief bill that almost exclusively benefits people who earn more than $1 million a year, the Washington Post reported Tuesday.
Republicans specifically inserted a suspension of a provision from the GOP's 2017 tax law that limits the amount of losses certain business owners can deduct on their tax returns, the Post noted. Suspending that provision overwhelmingly benefits hedge-fund investors and real estate businesses.
The Post's report relies on a soon-to-be-released study from the congressional nonpartisan Joint Committee on Taxation.
That study found that suspending the tax provision will put $70 billion back into the hands of 43,000 taxpayers who make at least $1 million a year.
https://americanindependent.com/senate-gop-tax-cut-millionaires-coronavirus-relief-bill-congress-covid-19/
This is another reason why that tax scam should be repealed.....................
November 3, 2020 cannot get here fast enough.....................
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