At least 18 billionaires received COVID stimulus checks: Report

Throughout the COVID-19 pandemic, the federal government has approved the distribution of stimulus checks intended to assist Americans struggling to make ends meet.

A startling new report, however, claims that at least 18 billionaires — including investor George Soros — are among those who received such payments.

“Not equipped”

According to the Daily Mail, tax returns were used to determine which Americans qualified for a stimulus check. Payments authorized in March 2020, for example, were sent to individuals with a gross annual income under $75,000.

As for Soros and others with a significantly higher net worth, it appears that low or negative income as listed on their tax returns for the previous year — primarily due to tax write-offs and deductions — led to their inclusion in the widespread distribution of payments.

Of course, a spokesperson explained that both George Soros and his son, Robert, returned their respective checks.

The report has nevertheless left many Americans perplexed and skeptical of a system that would authorize stimulus funds for such wealthy citizens in the first place.

Sen. Ron Wyden (D-OR) insisted that the problem lies in the availability of tax loopholes frequently exploited by the wealthiest Americans, asserting: “The tax code is simply not equipped to tax billionaires fairly, or even ensure they pay anything at all.”

Stimulus for billionaires

In addition to Soros, two pro sports team owners were named as billionaire recipients of stimulus checks.

Terrence Pegula, who owns the Buffalo Bills in the NFL and Buffalo Sabers in the NHL, reportedly has a net worth of about $5.7 billion. Glen Taylor, who sold his ownership of the NBA’s Minnesota Timberwolves earlier this year, is worth a reported $2.8 billion.

Both men were on the list of billionaires who received a check.

Progressive politicians have been increasingly adamant in their calls for a system that would ensure that the wealthiest Americans pay a substantial amount of taxes. One such proposal from Sen. Bernie Sanders (I-VT) would cost Amazon founder Jeff Bezos nearly $43 billion.

Of course, a tax system that allowed 18 billionaires to receive checks meant for struggling families is sure to outrage hardworking Americans across the political spectrum.

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts