More than 43,000 ultra-wealthy American millionaires will make a fortune out of a stimulus loophole critics have described as a “scandal”.
They can also use losses to avoid paying taxes in other years.
That gives the roughly 43,000 individual tax filers who make at least $US1 million a year a savings of $70.3 billion — or about $1.6 million apiece, according to theSource:AFP Hedge-fund investors and real estate business owners are “far and away” the ones who will benefit the most, tax expert Steve Rosenthal told theSenator Sheldon Whitehouse called it a “scandal” to “loot American taxpayers in the midst of an economic and human tragedy”.
And Senator Lloyd Doggett said: “Someone wrongly seized on this health emergency to reward ultra-rich beneficiaries. “For those earning $1 million annually, a tax break buried in the recent coronavirus relief legislation is so generous that its total cost is more than total new funding for all hospitals in America and more than the total provided to all state and local governments,” he said in a statement.trending in finance
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