Paul L. Caron
Dean




Thursday, November 4, 2021

ProPublica: 18 Billionaires Received Taxpayer-Funded Stimulus Checks During The Pandemic

ProPublica, These Billionaires Received Taxpayer-Funded Stimulus Checks During the Pandemic:

Pro PublicaProPublica, using its trove of IRS records, identified at least 18 billionaires who received stimulus payments, which were funded by U.S. taxpayers, in the spring of 2020. Hundreds of other ultrawealthy taxpayers also got checks.

The wealthy taxpayers who received the stimulus checks got them because they came in under the government’s income threshold. In fact, they reported way less taxable income than that — even hundreds of millions less — after they used business write-offs to wipe out their gains.

ProPublica found 270 taxpayers who collectively disclosed $5.7 billion in income, according to their previous tax return, but who were able to deploy deductions at such a massive scale that they qualified for stimulus checks. All listed negative net incomes on tax returns.

Prior coverage:

https://taxprof.typepad.com/taxprof_blog/2021/11/propublica-18-billionaires-received-taxpayer-funded-stimulus-checks-during-the-pandemic.html

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