U.S. millionaires will get $1.6 million each
Senator Sheldon Whitehouse (D-RI) and Lloyd Doggett (D-TX) released analysis today from the Joint Committee on Taxation (JCT) showing a massive windfall for a small group of wealthy taxpayers from a Republican provision in the coronavirus relief bill.
According to the JCT, 43,000 individual tax filers covered by one of the provisions would see their tax liability fall by a combined $70.3 billion in 2020.
The JCT analysis shows nearly 82 percent of those who will benefit from that provision make $1 million or more, with 95 percent making over $200,000.
Based on to the JCT analysis, millionaire tax filers benefiting from one of the Republican provisions will see an average windfall of $1.6 million this year alone.
That windfall dwarfs the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s $1,200 benefit for working families.
The changes included in the CARES Act would allow wealthy taxpayers to use losses in certain years to avoid paying taxes in other years.
The day after Senate passage of the CARES Act, the JCT published a document estimating that the provisions together will reduce government revenue by $195 billion over ten years.
Together, the changes are among the costliest provisions in the bill. ■