There are 43,000 American millionaires who make so much money, they won’t get a stimulus check. They don’t need it. What’s $1,200 to a millionaire? Lunch? The idea that they need any help in this crisis is absurd. However, under the Coronavirus Aid, Relief and Economic Security (CARES) Act, those 43,000 millionaires will get far more than $1,200. The act allows pass-through businesses – businesses taxed under individual income rather than corporate income – to use an unlimited number of deductions on their taxes, for an unlimited number of years. This allows a business filing taxes in this way to deduct its losses for this year, last year, for the last ten years, or whatever they want. Millionaires in the Unites States stand to receive $70.3 billion in deductions, or $1.6 million, EACH. The biggest winners are hedge-fund investors and real estate businesses. Surprise, surprise! Trump and his buddies are set to win big by writing off their losses. Don’t be fooled. If you get any help from this government, it’s to distract you from what they’re handing out to the rich.
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