The CARES Act Sent You a $1,200 Check but Gave Millionaires and Billionaires Far More

The stimulus checks were meant to get average Americans through the lockdown, but those $1,200 payouts were small change compared with the billions in tax breaks the CARES Act handed out to the country’s wealthiest.

…with massive unemployment upon us and the fall elections drawing near, there’s a temptation for Congress and Trump to produce legislation that will help needy people a bit but help the non-needy a lot more by doing things like reducing capital gains taxes.

ProPublica

GOP Tax change in coronavirus package overwhelmingly benefits millionaires, congressional body finds

The provision, included by Senate Republicans, would cost taxpayers approximately $90 billion in 2020

More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

USA Today