Home Latest News Stimulus checks update: Several billionaires received federal direct relief payments, report says...

Stimulus checks update: Several billionaires received federal direct relief payments, report says – PennLive


FILE – This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. (AP Photo/Matt Rourke, File)AP
Several very wealthy individuals — including at least 18 billionaires — received federal-level stimulus checks, according to CBS. Though, stimulus checks were said to provide aid to both poor and middle-class taxpayers during the coronavirus pandemic.
According to the report by ProPublica, 270 wealthy people received the first round of stimulus checks in 2020. Though, their total income added up to be $5.7 billion.
The three rounds of stimulus checks were supposed to be sent to individuals who made up to $75,000 or married couples who collectively made up to $150,000. Though, reportedly wealthy taxpayers were allowed to play by different rules.
As CBS reports these wealthy individuals were able to get stimulus checks due to them taking advantage of tax deductions and write-offs that helped reduce their net incomes to less than zeros.
Among the billionaires to receive checks was philanthropist George Soros. Though Soros is reportedly worth $7.5 billion.
“He did not request the funds or take any other action to obtain them. He promptly returned the check,” a representative said in an email via CBS.
Institute on Taxation and Economic Policy responded to the controversy via Twitter: “This disgrace is why we need real tax reform.”
Tax reform is exactly what Democratic lawmakers have been advocating. These lawmakers argue billionaires and other wealthy individuals should pay more in taxes out of fairness.
Read more via CBS.
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