From the New York Post:
Over 43,000 US millionaires will get ‘stimulus’ averaging $1.6 million each
At least 43,000 American millionaires who are too rich to get coronavirus stimulus checks are getting a far bigger boost — averaging $1.6 million each, according to a congressional committee.
The Coronavirus Aid, Relief, and Economic Security (CARES) act trumpeted its assistance for working families and small businesses, but it apparently contains an even bigger benefit for wealthy business owners, the committee found.
The act allows pass-through businesses — ones taxed under individual income, rather than corporate — an unlimited amount of deductions against their non-business income, such as capital gains, The Washington Post said. They can also use losses to avoid paying taxes in other years.
Moar sauce:
https://nypost.com/2020/04/16/43k-us-millionaires-will-get-stimulus-averaging-1-6m-each/?utm_campaign=iphone_nyp&utm_source=mail_app