While wealthy Americans are not eligible for the $1,200 stimulus checks being disbursed to many Americans, they are on pace to do even better. 43,000 taxpayers, who earn more than $1 million annually, are each set to receive a $1.7 million windfall on average thanks to a provision in the CARES Act.
The Joint Commission on Taxation report, requested by Senator Sheldon Whitehouse and Representative Llloyd Doggett, concluded that suspending the “pass through” limitation would cost the government over $90 billion in 2020 alone. Critics have argued that the benefits disproportionately accrue to wealthy individuals, including hedge fund investors and real-estate business owners and the JCT confirms this.
The analysis by the JCT showed in just how skewed a fashion the tax provision benefits the wealthy. It that, “82 percent of the benefits of the policy go to about 43,000 taxpayers who earn more than $1 million annually.”If you take the report’s calculations at face value, that means that, on average, each of the eligible taxpayers would get a windfall of ~$1.7 million!... [+]This number represents an average and clearly not all of those earning “only” $1 million will receive a $1.7 million tax cut; however, just as some may receive less than the $1.7 million, some may benefit much more.
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