The Wealthy Benefit from the CARES Act While the Middle Class Eat the Crumbs

$135 billion of your tax money is going straight to the millionaires including Trump himself and his son-in-law Jared Kushner. ¹

Leading members of Congress and a broad coalition of advocacy groups seek to repeal a huge tax break for millionaires included in the $2 trillion COVID aid package passed in late March known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act was supposed to offer much needed comfort to those suffering most from the pandemic. But hidden in the bill was an obscure provision allowing wealthy owners of noncorporate businesses, especially real estate firms and hedge funds, to leverage losses into huge tax savings and refunds. The cost of this Millionaires Giveaway: $135 billion, according to the Joint Committee on Taxation. ²

1. NPR.org, Terry Gross, April 30, 2020 – How The CARES Act Became A Tax-Break Bonanza For The Rich, Explained
2. Americans For Tax Fairness, April 29, 2020

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