Incentive Checks Update: Several Billionaires Have Received Federal Direct Aid Payments, Report Says – Community News
Stimulus Check

Incentive Checks Update: Several Billionaires Have Received Federal Direct Aid Payments, Report Says

Several very wealthy individuals β€” including at least 18 billionaires β€” received federal-level stimulus checks, according to CBS. However, it was said that stimulus measures during the coronavirus pandemic would help both poor and middle class taxpayers.

According to ProPublica’s report, 270 wealthy people received the first round of stimulus checks in 2020. However, their total income was $5.7 billion.

The three rounds of stimulus checks were to be sent to individuals who earned up to $75,000 or married couples who collectively earned up to $150,000. However, it was reported that wealthy taxpayers were allowed to play by different rules.

As CBS reports, these high net worth individuals were able to get incentive checks by taking advantage of tax deductions and write-offs that helped lower their net income to less than zero.

Among the billionaires who received checks was philanthropist George Soros. Although Soros is reportedly worth $7.5 billion.

β€œHe has not asked for the money or taken any other action to obtain it. He promptly returned the check,” a representative said in an email via CBS.

Institute of Taxation and Economic Policy responded to the controversy via Twitter: “This shame is why we need real tax reforms.”

Tax reform is exactly what Democratic lawmakers have advocated. These lawmakers argue that billionaires and other wealthy individuals should pay more taxes out of honesty.

Read more via CBS.

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