Stimulus check update – At least 18 billionaires like George Soros and HUNDREDS of rich elites ‘sent relief cash’
AT LEAST 18 billionaires and hundreds of other affluent people collected stimulus checks that intended to support struggling households to ride out the economic slowdown brought on by the pandemic.
The 270 elite Americans who reportedly wrote off enough deductions to qualify for the extra sums doled out by Uncle Sam - actually all earned $5.7billion in income, according to their previous tax returns.
These rich taxpayers received stimulus checks after tapping complex tax deductions to reduce their net incomes to less than zero, qualifying them for the checks, the report noted.
POOR BILLIONAIRES
The report highlighted some of the boldface names who pocketed the Covid-19 cash.
George Soros, whose, and estimated to be worth $7.5 billion, was one recipient.
So on paper, Headington appeared to be in need of the extra help during the crippling economic crisis.
The outpouring of disgust over the critical monies being burned to pad billionaires incited critics.
"This disgrace is why we need real tax reform," the left-leaning think tank Institute on Taxation and Economic Policy, .
Its reforms seeks make sure" the wealthy pay their fair share."
Currently, gains are taxed only when they are “realized” such as when someone sells stock.
As the federal government's faucet began flowing to reach the neediest back in late 2020 and then again this past March - the American recipients weren’t frivolous.
Rather, they spent the checks - amounting to $600 and then $1,200 - on necessities like food and shelter.
The study found that food insufficiency fell by over 40 percent between December 2020 and April 2021.
When it came to rates of financial instability the federal funds helped account for a 45 percent ease; and reports of depression symptoms fell 20 percent.
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Low-income households were the bracket that saw the greatest turnaround once the stimulus checks started to arrive.
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