The giveaway, primarily to real estate investors and hedge funds, is larger than the total amount in the legislation for hospitals ($100 billion) and for relief for all state and local governments ($150 billion).
Worse, the bonanza for these millionaires and billionaires has little to do with the coronavirus: It lets them offset losses not just from 2020 but from 2018 and 2019, before the pandemic.
Cash-strapped states don’t have the funds to care for the sick, much less to do the testing, contact tracing and isolation needed to reopen workplaces and schools.
As The Post’s Tony Romm reported Tuesday, more than 2,100 U.S. cities expect major budget shortfalls — and therefore possible cuts to vital public services.
This provision gives tax filers who earn more than $1 million a year an average windfall of $1.6 million this year alone. (Compare that with the $1,200 break the average wage earner gets.)
Give the people 3% – The rest to the wealthy. As The Post’s Jeff Stein reported Tuesday, the Joint Committee on Taxation found that 82 percent of the benefit of this coronavirus relief bill will go to the 43,000 taxpayers who earn more than $1 million — and just 3 percent to those who earn less than $100,000.
We don’t know for sure how much Trump could benefit. As you may have heard, he won’t release his tax returns.
But we know that the Trump Organization includes hundreds of “pass-through” entities, the type of corporate structure that benefits from the new tax break.
The president has used his official position to benefit his businesses before, sending large amounts of federal government business to his properties in Florida, D.C., New York, New Jersey, Ireland and Britain, and even proposing to host the leaders of the Group of Seven countries at his Doral resort.
At least one of his properties appeared to have advance knowledge of his initial plans to reopen the economy by Easter.
OOPS – Too Late – Democrats said they were aware of the provision, which first appeared in a draft of the bill by Sen. Chuck Grassley (R-Iowa), the chairman of the Finance Committee, but they weren’t aware of the huge price tag until too late in the process to do anything about it.