In what can only be considered a serious miscarriage of justice, nearly 270 wealthy Americans who wrote off enough tax deductions actually received the stimulus check payments. They apparently ended up qualifying for the third stimulus payment, budgeted at $ 5.7 billion, as reported in their previous tax returns.
Each of the 270 Americans appear to have reduced their tax obligations in order to claim to have accumulated negative net income that allowed them to qualify for the additional support of $ 1,200 for singles and $ 2,400 for married couples.
Billionaires received payment by stimulus check
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These wealthy taxpayers received the stimulus check payment after they ended up using full tax deductions to reduce their net incomes to less than zero, thus qualifying for the checks, as the reports show.
The ProPublica report highlights some of the biggest names who ended up pocketing the stimulus check payments. Among them is George Soros, whose investment losses would have caused him to pay no income tax between 2016 and 2018 – who also has a net worth of $ 7.5 billion.
Another billionaire to receive the payout was Junk Bond billionaire Ira Rennert, who has a net worth of $ 3.7 billion. Rennert actually made almost $ 64 million in income in 2018 and ended up with $ 355 million in deductions, bringing the income to a negative amount of $ 291 million.
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As reported by most of the media, any attempt to establish a conversation between these people regarding the stimulus check payments was not immediately dismissed. Interestingly, a spokesperson for Soros later said that George returned the payment he received.