US: 18 billionaires received COVID stimulus cheques meant for financially weak people
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Money that was meant to go to those who were financially strained during the Covid pandemic.It ended up going to hundreds of super-rich people, including at least 18 billionaires.
During the COVID-19 pandemic, at least 18 billionaires and more than 200 ultra-wealthy people allegedly received emergency federal stimulus cheques intended to support suffering American families.
According to ProPublica, which relied on stolen IRS information, billionaires such as corporate raider Ira Rennert, George Soros, and departing Minnesota Timberwolves owner Glen Taylor got reimbursements in the first wave of stimulus cheques.
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According to ProPublica, Soros' office confirmed he returned the money, while Rennert did not reply to queries.
The majority of the billionaires featured in the article did not reply to ProPublica's requests for comment, while Soros' spokesman stated that the billionaire "definitely did not request" a cheque.
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According to ProPublica, billionaires got government payments as part of the Coronavirus Aid, Relief, and Economic Security Act because they were qualified for the automatically dispensed funds after declaring their taxable income as business costs.
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Because the government assessed eligibility primarily on taxable income, the ultra-rich qualified for the stimulus cheques, which were distributed as part of a $2.2 trillion relief package known as the CARES Act.
However, because to company write-offs, many of the mega-rich who received the cheques fell below the yearly income threshold, which was $75,000 for singles and $150,000 for couples.
(With inputs from agencies)