https://theintercept.com/2020/04/19/coronavirus-cares-act-millionaire-tax-break/
In 2017, when Republicans passed their new tax plan, they put a limit on business losses people can use to reduce the amount they owe in taxes. The provision was necessary to keep its official “score” within the range the party needed to use a 50-vote process in the Senate, bypassing Democratic opposition. Now that the tax plan is law, Republicans used the Covid-19 relief package to obliterate those limits.
Eighty-two percent of the benefits of the new tax break will go to real estate and hedge fund investors, and people making $1 million or more a year, the Washington Post reported, citing an analysis by the Joint Committee on Taxation that was requested by Democratic Sen. Sheldon Whitehouse of Rhode Island and Rep. Lloyd Doggett of Texas. The estimated 43,000 people who will benefit from the provision will each see their tax liability fall by an average of $1.7 million this year — costing the government more than $90 billion, according to the estimate. That tax break is more than 1,400 times larger than the $1,200 stimulus check the federal government issued to individuals with incomes up to $99,000.
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