Here Are the Tax Cuts for Millionaires in the Stimulus Bill

NPR’s Jim Zarroli reports something about the March stimulus bill that I didn’t know:

Tucked into the bill are a series of provisions that mostly cut taxes for rich people. For example, they can now reduce their tax bills by claiming bigger losses from previous years, even though the losses they suffered had nothing to do with COVID-19. The Joint Committee on Taxation says that provision alone will provide an average tax cut of $1.6 million for people in the top income bracket. That includes a lot of people in the real estate business, like the Trump family.

Hmmm. Here’s the JCT estimates of the benefits from various tax loss changes:

That adds up to a tidy sum, and needless to say, we non-rich people don’t really benefit much from more generous tax loss carryforward rules. I don’t, anyway. For rich people, however, it’s quite the nice little boon, and it’s hard to believe they really needed it.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily crazy—Mother Jones' journalism is driven by one simple question: Will America will move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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