By Adam Andrzejewski for RealClearPolicy
Famous hedge fund manager and liberal philanthropist George Soros is worth $ 8.6 billion and isn’t exactly short on cash. Yet both he and his son, Robert, have received stimulus checks from the CARES Act.
Checks for $ 1,200 went to single taxpayers who reported $ 75,000 a year of income or less on their previous tax return, while married couples received $ 2,400 if they reported income of less than $ 150,000.
Soros’ duo was among 270 taxpayers – 18 billionaires and about 250 other ultra-rich people – whose previous tax returns collectively revealed $ 5.7 billion in revenue, “but who were able to distribute deductions on one. scale so massive that it could qualify for stimulus checks, ”ProPublica reported. All millionaires and billionaires have listed negative net incomes on their tax returns, the investigative news bulletin said. his recent report.
Assuming each of the 270 received a check for $ 1,200, that means $ 324,000 worth of checks were cut.
While both Soros and his son returned the checks, their receipt in the first place shows that the method used by Congress to automatically send stimulus checks to Americans in need does not work.
The problem is how the rich can “wipe out even hundreds of millions of revenue,” ProPublica said.
Support the conservative voices!
Sign up to get the latest political news, insights and comments directly to your inbox.
In 2018, Robert Dart, part of the Dart family that owns Dart Container Corp., the maker of the iconic red cup Solo, reported an income of over $ 300 million, but the deductions left him with a negative $ 39 million. Hence the control of the stimulus.
While the federal government is struggling to get at least $ 87 billion in fraud of unemployment benefits under control, they should look to other benefits that give money to people who don’t need or deserve it.
Syndicated with permission from RealClearWire.
The #WasteOfTheDay is presented by the statutory auditors of OpenTheBooks.com.
The views expressed by contributors and / or content partners are personal and do not necessarily reflect the views of The Political Insider.