If you don’t believe our government is controlled by the rich and well-connected for their benefit, including Trump, his family and associates, why else did they receive a bailout? As part of the economic rescue package, CARES, the federal government is giving away $174 billion in temporary tax breaks overwhelmingly to rich individuals and large companies. The emergency relief that Congress passed is riddled with giveaways to the super rich, including some tax breaks only for companies making more than $25 million a year, and capital gains tax cuts for households making more than $500,000 a year.
While the 2017 Tax Cuts and Jobs Act, another massive wealth transfer from working people to the already-rich (you remember, don’t you, the one that was going to pay for itself?), had some restrictions on how many tax breaks a single person could receive, Republicans have used the coronavirus relief package to strip away the limitations embedded in the $1.5 trillion tax cut law. In order to keep the law’s overall cost down, it imposed a number of restrictions on who could take advantage of certain tax breaks and how much those taxpayers could receive. Now, with the 2020 rescue package, Congress temporarily repealed a number of those limitations. The bottom line is that, barely two years after Congressional Republicans and Trump lavished America’s wealthiest families and companies with a series of lucrative tax cuts, those same beneficiaries are now receiving a second gift. The Joint Committee on Taxation, a nonpartisan arm of Congress, calculates that 80 percent of the tax cuts in the coronavirus relief legislation will go to people making more than $1 million a year – just 43,000 people – and will cost $90 billion in 2020 alone.