Ultra-rich Americans manage to qualify for stimulus checks
A report from ProPublica, first released earlier this month, describes how nearly 300 ultra-rich Americans could qualify for stimulus checks that were broadcast during the pandemic, despite their high income levels.
“ProPublica found 270 taxpayers collectively disclosed $5.7 billion in revenue, according to their previous tax returns, but were able to introduce deductions on such a large scale that they were eligible for stimulus checks,” reveal the paper’s co-authors Paul Kiel, Jesse Eisinger and Jeff Ernsthausen. stated negative net income on tax refund.”
This was possible in different wayssuch as writing off business expenses with loans and storing money in stocks. This meant that some billionaires actually had negative income, meaning they could receive the stimulus checks.