Trump & GOP 2017 Tax Bill: Gives 43,000 Millionaires $1.7M in Virus Relief Break

GOP 2017 Tax Bill Mostly for Top Crust 

(Breaks then to Virus Relief Bill Today)

Thanks to 2017 all GOP-Trump (only) tax bill, and a huge GOP-favored loophole, it will give current millionaires a $1.7 million break included the virus relief bill – cite:

Intro: As millions of Americans are starting to get the $1,200 relief checks in their bank accounts, some of the nation’s richest taxpayers learned that they too were also about to receive some relief — about $1.7 million each.

Impact: Nearly 43,000 millionaires across the country will soon profit off a loophole adapted from the Republican tax code overhaul of 2017 (which they always cheer about), which now allows certain millionaire business owners to significantly reduce their tax liability by “temporarily suspending the limit of deductions they can place against non-business income” (e.g., a huge tax bill loophole).

The loophole is included in the recent sweeping $2.2 trillion Coronavirus Aid & Relief Economic Security  (CARES) Act. 

This according to a recent report published by the Joint Commission on Taxation (JCT) that Democrats ordered and who have since accused Republicans of having “wrongly seized on this health emergency to reward ultra-rich beneficiaries, likely including Trump’s own family and any millionaire in Congress” (see list here 40 in Congress today: 25 GOP and 15 DEM), and DEMS are calling for the immediate repeals of that tax break).

The JCT also said that a staggering “82% of the benefits of the policy go to about 43,000 taxpayers who earn more than $1 million annually.”

Those 43,000 taxpayers now eligible for the loophole would receive an average windfall of nearly $1.7 million — a figure confirmed by the JCT calculations and first reported on here by Forbes.

Meanwhile, some of those wealthy Americans who earn more than $1 million annually may receive far greater than $1.7 million since the GOP loophole provision can be retroactively placed “… so losses in 2018 and 2019 can be ‘carried back’ against the past five years” that according to the bill’s loophole.

My 2 cents: Nice touch, um? Amazing how GOPers always and under all conditions, when they have total congressional power (and they did in 2017 before DEMS took the House in 2018), is that they always look out for the top crust – who happens to be their political benefactors as it were – and that includes many of now serving in Congress who wrote the damn bill.

Nice to find out now – as the TV commercial says: “What’s in your wallet?”

Thanks for stopping by.