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Stimulus checks were sent to billionaires

In March of 2020 a stimulus package was approved and $1,200 checks were sent to Americans in need of financial assistance.

cash billionaires saw from stimulus checks

$1,200 went to taxpayers who reported $75,000 or less in annual income for 2019 or 2020.

Married couples saw $2,400 for an annual income of $150,000 or less.

Why did these billionaires receive stimulus checks then?

According to ProPublica, various billionaires received the financial assistance meant for struggling Americans.

This included Ira Rennert, who has a networth of $3.7 billion, George Soros, with a net worth of $8.6 billon and his son.

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Some of these individuals reportedly sent the stimulus checks back to the IRS and did not cash them.

In all, at least 18 billionaires received tax funded stimulus payments during the Coronavirus pandemic.

The reason?

After using business write offs to lower their income, they fell under that threshold of $75,000, despite being worth billions more.

Billionaires have the ability to write off much of the money they make through their businesses, and only claim a small amount as wages or income.

As things like this continue to happen, billionaires continue to write off millions of dollars, with the IRS remaining unequipped to handle taxing them appropriately.

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