The $2.2 trillion CARES Act was supposed to offer much-needed support to those suffering most from the pandemic. But hidden in the bill was an obscure $135 billion tax break for the richest one percent, slipped in by Mitch McConnell and Senate Republicans. It gives 43,000 millionaires an average $1.6 million tax break apiece in 2020. Yet everyone else only gets up to $1,200 in rebate checks.
Most of the hidden $135 billion will go to owners of real estate firms (like Donald Trump and Jared Kushner), hedge funds, and private equity.
Now that the House has introduced legislation to address this tax loophole, it’s critical that they successfully vote to repeal the $135 billion giveaway to the richest one percent and put that aid where the need is greatest ― protecting public health and communities who are on the frontlines of this pandemic.