Millionaires to reap 80% of benefit from tax change in US coronavirus stimulus

[Judi Lynn]

Nation’s wealthiest to avoid $82bn of tax liability
Hedge-fund investors and real estate owners to benefit most

Amanda Holpuch in New York

@holpuch
Wed 15 Apr 2020 13.57 EDT


Millionaires and billionaires are set to reap more than 80% of the benefits from a change to the tax law Republicans put in the coronavirus economic relief package, according to a non-partisan congressional committee.

The change – which alters what certain business owners are allowed to deduct from their taxes – will allow some of the nation’s wealthiest to avoid nearly $82bn of tax liability in 2020.

Nearly 82% of the benefits from the tax law change will go to people making $1m or more annually in 2020, according to an analysis by the joint committee on taxation (JCT). Overall, 95% of individuals who benefit from the change make $200,000 or more.

Taxpayers will lose nearly $90bn from the change, which suspends a restriction introduced in the 2017 tax bill.

More:
https://www.theguardian.com/world/2020/apr/15/tax-change-coronavirus-stimulus-act-millionaires-billionaires

[Beakybird]

1. This pisses me off because the Democrats signed off on this.