![]() ![]() ![]() “In a bill meant to provide relief to millions of Americans in need, those making millions were the ones who really benefited.” USA Today Op-ed (April 23, 2020): The corrupt tax provision in the CARES Act: Rep. “As small businesses and individuals struggle to obtain federal aid, the wealthiest are poised to reap tens of billions of dollars in tax savings.” New York Times (April 24, 2020): The Tax-Break Bonanza Inside the Economic Rescue Package Repealing this giveaway will free resources needed to help those truly in need.” “It is just more insider politics to get millions to those who have millions, especially real estate investors and hedge fund managers. “This provision isn’t about coronavirus, working families or small businesses struggling to stay afloat,” Doggett said. The Hill (April 25, 2020): Democrats offer bill to undo business tax provisions in coronavirus law ![]() 40 cosponsors joined Doggett on the House version of the bill.” Additionally, 16 other senators joined Brown and White on the bill in the Senate including Elizabeth Warren, Bernie Sanders, Kamala Harris, and Amy Klobuchar. “174 groups – 59 national and 115 state – signed a letter organized by Americans for Tax Fairness arguing for repeal of the tax provisions. “įorbes (April 27, 2020): Repeal The $1.6 Million Stimulus ‘Check’ Loophole For Rich Americans? Futile Proposal Unveiled JCT releases first year distributional analysis of CARES Act section 2304 April 9th. The part of the announcement that is most interesting is this: ‘ Only after the Senate had already voted on the CARES Act did the full cost of the Republican provisions become clear.’Ĭhris Fleming of Americans For Tax Fairness wrote me: Senate voted March 25th. “Senator Sheldon Whitehouse (D-RI) and others have introduced legislation to reverse the controversial provision, a rollback of a limitation on excess business losses. Newspapers from across the country, are shining a bright light on the Millionaires Giveaway:įorbes, (April 28, 2020): Who Gets The Million Plus Stimulus Checks? More details are explained in this Media Memo from Americans for Tax Fairness. Just 43,000 wealthy business owners will get an average tax cut of $1.6 million this year alone, a windfall that dwarfs the $1,200 payment going to individuals. Per a Joint Committee on Taxation analysis: 82% of those who will benefit from this tax break in 2020 make $1 million or more, with 95% making over $200,000. Dick Durbin, Sherrod Brown, Elizabeth Warren, Bernie Sanders, Kamala Harris, Cory Booker, Amy Klobuchar, Kirsten Gillibrand, Tom Carper, Chris Coons, and Jeff Merkley. Whitehouse’s legislation, including Sens. Meanwhile, senators are preparing to introduce the bill when they come back to Washington. DeLauro, Cohen, and 64 House members sent a letter to House and Senate leaders urging “Repeal of the $135 Billion Tax Break for Real Estate Developers, Hedge Fund Owners.” H.R.6579 has already garnered 51 cosponsors in the House. Last week, Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) introduced legislation to repeal the tax break. The cost of this Millionaires Giveaway: $135 billion, according to the Joint Committee on Taxation (Title II.C.5 - it was earlier estimated at $170 billion). The Millionaires Giveaway was an obscure provision in the CARES Act that allows wealthy owners of noncorporate businesses, especially real estate firms and hedge funds, to leverage losses into huge tax savings and refunds. Senate and House of Representatives taking action. In recent days since it was unveiled that millionaires, hedge fund owners and real estate developers were receiving a $135 billion tax break in the coronavirus relief package known as the CARES Act, momentum to repeal the provision has surged with both the U.S. ![]()
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