WaPo: Tax change in coronavirus package overwhelmingly benefits millionaires (80% benefits)

[MyNameIsKhan]

More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.

Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the Joint Committee on Taxation (JCT), the nonpartisan congressional body.

...

https://www.washingtonpost.com/business/2020/04/14/coronavirus-law-congress-tax-change/

[NRaleighLiberal]

1. well, I'm shocked, I tell ya

[dalton99a]

2. That's how Republicans prepared for a pandemic.

"Let's see how we can use this bill to loot the Treasury"

[MyNameIsKhan]

3. who knew Trump operates using pass though entities which this change is specifically for!

[Hotler]

4. Of course, there are just as many rich democrats with their hands out as there are rich repugs.

Follow the money. Remember, nothing happens in Washington unless it puts money in someones pocket.

[mahatmakanejeeves]

5. 82% of the benefits of a tax change tucked in the must-pass coronavirus package will go to ...

David Fahrenthold Retweeted

BREAKING: 82% of the benefits of a tax change tucked in the must-pass coronavirus package will go to people earning more than $1 million/yr, new JCT report finds

Hedgefunds & real estate owners are main beneficiaries

Report requested by
@SenWhitehouse

Link to tweet

Here's JCT's chart -->

Note it's about $70 billion for ~43,000 returns above $1M

https://washingtonpost.com/business/2020/04/14/coronavirus-law-congress-tax-change/?itid=ap_jeffstein

Link to tweet

[stopbush]

6. As a middle-class income family, I greatly prefer getting money right now

in the form of a one-time $2400 relief check, expanded unemployment benefits and an extra $600 per week in UI from the Feds than from some change to the tax code. We have NO INCOME right now. A tax credit against $0 wouldn’t help us a bit. It may help people whose income is too high to take advantage of the programs that help us.