At Least 18 Billionaires Received COVID Relief Money

(FiveNation.com)- A new report from ProPublica has revealed that at least eighteen billionaires along with hundreds of other ultra-wealthy people received federal stimulus checks from the COVID relief bill passed in 2020.

After reviewing a trove of IRS data on thousands of the country’s wealthiest individuals, ProPublica discovered that about 270 wealthy people received the first round of $1,200 stimulus checks which were intended to go to those who were economically harmed by the COVID pandemic response.

Among those who received taxpayer money they did not need were billionaire Leftist George Soros, who is worth $7.5 billion, and financier Ira Rennert, worth $3.7 billion. According to ProPublica, a representative for Soros said that the stimulus payment he received was returned. Rennert, however, did not respond to ProPublica’s request for comment.

The COVID relief checks were supposed to only go to individuals earning less than $75,000 or couples with a combined income of below $150,000. This raises the question: how did 270 wealthy Americans who do not qualify receive these checks?

Well, ProPublica blames it on the US tax code which allows the very rich to tap into a series of complex tax deductions that reduce their adjusted income, thereby qualifying them, at least on paper, for the stimulus checks.

ProPublica believes this underscores how unfair the US tax system is, arguing that the ultra-wealthy can exploit write-offs, deductions, and so-called “loopholes” to minimize their adjusted earnings.

Naturally, Leftwing groups that want to soak the rich to pay for the Democrats’ insane spending bills are pouncing on this ProPublica report as proof that the wealthy don’t pay their “fair share” in taxes.

In its story on the ProPublica report, CBS News segues directly into talking about the Democrats’ planned “billionaires tax.” So it’s pretty clear what kind of “tax reform” these guys want.

CBS News claims that “wealthy” Americans use deductions and “accounting tricks” as if nobody but the ultra-rich fill out a standard 1040 tax form. Deductions and write-offs can be used by anyone who earns a living. These “accounting tricks” and “loopholes” are known on Planet Earth as “existing tax law.”

While it is clear this ProPublica report is being used as a pretense to reform tax law and soak the rich, in reality, what this report reveals is how stupidly Congress set up these COVID stimulus payments.

They write the tax laws. Why didn’t any of them consider that basing qualification on adjusted income would mean that even those who don’t need the money were going to get a check?