Politics & Government
Tax Change In Coronavirus Package Benefits Millionaires: Study
Over 80 percent of tax change benefits in the coronavirus relief bill go to those who earn more than $1 million annually, a study says.
WASHINGTON, D.C. — According to a study done by the Joint Committee on Taxation, a nonpartisan congressional body, more than 80 percent of the benefits of a tax change inserted into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually.
The change, made by Senate Republicans, temporarily suspends limitations on how much business owners can deduct against their non-business income.
The tax change will cost taxpayers around $90 billion in 2020 alone, according to the Joint Committee on Taxation and reported by The Washington Post.
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The $2 trillion coronavirus relief package Congress passed in March includes hundreds of billions of dollars to increase unemployment benefits and send $1,200 checks to Americans nationwide.
To read the full story on the tax change in the coronavirus package, visit The Washington Post.
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