Here Are the Tax Cuts for Millionaires in the Stimulus Bill

NPR’s Jim Zarroli reports something about the March stimulus bill that I didn’t know:

Tucked into the bill are a series of provisions that mostly cut taxes for rich people. For example, they can now reduce their tax bills by claiming bigger losses from previous years, even though the losses they suffered had nothing to do with COVID-19. The Joint Committee on Taxation says that provision alone will provide an average tax cut of $1.6 million for people in the top income bracket. That includes a lot of people in the real estate business, like the Trump family.

Hmmm. Here’s the JCT estimates of the benefits from various tax loss changes:

That adds up to a tidy sum, and needless to say, we non-rich people don’t really benefit much from more generous tax loss carryforward rules. I don’t, anyway. For rich people, however, it’s quite the nice little boon, and it’s hard to believe they really needed it.

Fact:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and billionaires wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2022 demands.

payment methods

Fact:

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2022 demands.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate