18 Billionaires Reportedly Received Covid Stimulus Checks – Community News
Stimulus Check

18 Billionaires Reportedly Received Covid Stimulus Checks

topline

In all, 18 billionaires have reportedly received Covid stimulus checks designed to help Americans survive in the face of unemployment and economic disruption, according to a ProPublica report – although at least some returned the checks.

Key facts

Among the billionaires who have reportedly received stimulus checks, according to ProPublica and based on IRS data, George Soros, who is worth an estimated $8.6 billion, along with his son, and Renco Group founder Ira Rennert, who Forbes estimates are worth $3.7 billion, although Soros told ProPublica that he and his son both returned the checks received. (Rennert declined to comment)

Billionaires received checks from the government under the Coronavirus Aid, Relief and Economic Security Act because they were eligible for the automatically paid out money after they declared their taxable income as business expenses ProPublica.

Oil tycoon Timothy Headington and Rennert are said to have recorded negative net incomes in 2018 by writing off their earnings worth tens of millions of dollars.

The IRS was not immediately available for response to: Forbes‘ email request.

Surprising fact

A stimulus check has been issued to Robert Dart, a member of the Dart family who owns Michigan-based Dart Container, even though he filed his US taxes from the Cayman Islands. ProPublica reports. Dart family members, including Robert, gave up their US citizenship in the mid-1990s to avoid taxes. General counsel for Dart Container said: ProPublica that Dart believes that “people in his position” should not have been stimulus recipients, nor did he ask for them. The prosecutor added that Dart returned the check to the US Treasury Department. The Tax and Customs Administration has not responded to Forbes for comment at time of publication.

key background

The CARES Act incentive was given to married couples filing joint tax returns at the end of 2019 with a combined income of less than $150,000 a year and singles with an income of less than $75,000. Meanwhile, the US $1.9 trillion Biden bailout bill was signed in March 2011 for more than 160 million payments, totaling about $390 billion, in the third round of stimulus checks. But some Americans are seeking more government support. An online petition asking Congress to pay $2,000 monthly until the pandemic ends has garnered nearly 3 million signatures. In July the Washington Post reported that aiding Americans to survive during the pandemic had cost the US government at least $5.2 trillion.

Tangent

The stimulus controls designed to help Americans weather the economic hardship of sudden lockdowns have been a key factor in curbing the supplemental poverty rate. That percentage 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.

Read further

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

Covid Stimulus Checks Lifted 11.7 Million Americans Out of Poverty in 2020 (Forbes)

Kanye West, West Virginia Governor Jim Justice, and 16 other billionaire companies have been awarded PPP loans (Forbes)