Report finds 18 US billionaires received coronavirus stimulus funds
Billionaires able to receive payments because tax write-offs made them appear to have taken loss in prior year
WASHINGTON
At least 18 billionaires and roughly 250 other ultra-wealthy individuals received stimulus funds intended to safeguard middle and low-income households from the coronavirus pandemic's economic onslaught, according to a recent report.
Ira Rennert, George Soros and his son, Robert, were among the 18 billionaires who ProPublica, a nonprofit news outlet, determined received stimulus payments. The outlet combed through IRS records, finding that billionaires received the funds in the spring of 2020, according to its report published Wednesday.
The Soros told ProPublica via a representative they returned the checks.
The billionaires were able to receive the payments because they used tax write-offs that made them appear to come under the government's income threshold for determining who was eligible.
The CARES Act provided $1,200 payments to individuals who made less than $75,000 per year, or $2,400 for married couples who made less than $150,000. The IRS made the determinations based on the previous year's tax filings.
ProPublica said its analysis of IRS records determined that 270 taxpayers who collectively reported $5.7 billion in income received stimulus payments. All of the taxpayers reported a negative income for the prior year.
"Figures like these reveal a basic truth about the U.S. income tax system," ProPublica said. "Most people earn the overwhelming majority of their income via wages and take deductions where they can. But the income of the ultrawealthy as revealed on their taxes tells, at best, a partial story."
