18 billionaires have reportedly received Covid stimulus checks
18 billionaires have reportedly received Covid stimulus checks

18 billionaires have reportedly received Covid stimulus checks

Topline

A total of 18 billionaires reportedly received Covid stimulus checks designed to help Americans stay afloat in the face of unemployment and economic turmoil, according to a ProPublica report – although at least some returned the checks.

Key Facts

Among the billionaires who allegedly received stimulus checks, according to ProPublica and based on IRS records, is George Sorosworth an estimated $ 8.6 billion along with his son and the founder of the Renco Group Ira RennertWHO Forbes estimates are worth $ 3.7 billion – though Soros told ProPublica that he and his son both returned the checks they received. (Rennert declined to comment)

Billionaires received checks from the government as part of the Coronavirus Aid, Relief and Economic Security Act because they were entitled to the automatically paid cash after reporting their taxable income as business expenses, according to ProPublica.

Oil mogul Timothy Headington and Rennert was mentioned as having recorded negative net income in 2018 by depreciating their income for tens of thousands of millions of dollars.

The IRS was not immediately available for response Forbes‘e-mail request.

Surprising fact

A stimulus check was delivered to Robert Dart, a member of the Dart family who owns the Michigan-based Dart Container, even though he filed his U.S. tax from the Cayman Islands, ProPublica reports. Dart family members, including Robert, famously renounced their U.S. citizenship in the mid-1990s to evade taxes. The Attorney General of the Dart Container told ProPublica that Dart believes that “people in his position” should not have been stimulus recipients and that he did not ask for one. The Attorney General added that Dart returned the check to the U.S. Treasury Department. The Ministry of Taxation did not respond Forbes for comment at the time of publication.

Key background

The CARES Act incentive was given to married couples who filed a joint tax return with a total income of less than $ 150,000 per year and singles with an income of less than $ 75,000 by the end of 2019. Biden signed in March 2011 gave more than 160 million payments, a total of about $ 390 billion, in the third round of stimulus checks. But some Americans are looking more state aid. An online petition asking Congress to make a $ 2,000 monthly payment until the end of the pandemic has received nearly 3 million signatures. In July, Washington Post reported that assistance provided to Americans to stay afloat during the pandemic had cost the U.S. government at least $ 5.2 trillion.

Key

The stimulus control, which was intended to help Americans cope with the economic difficulties of sudden shutdowns, was a key factor in reducing the supplementary poverty rate. That rate came in at 9.1% last year, 2.6 percentage points lower than the previous year’s 11.8%, the Census Bureau said in September.

Further reading

These billionaires received taxpayer-funded stimulus checks during the pandemic (ProPublica)

Covid stimulus checks helped 11.7 million Americans out of poverty by 2020 (Forbes)

Kanye West, West Virginia Gov. Jim Justice and 16 other billionaire companies got PPP loans (Forbes)

Leave a Reply

Your email address will not be published.