News

George Soros And 270 Other Ultra-Wealthy Taxpayers Received Covid-Aid $1,200 ‘Stimulus’ Checks

By Adam Andrzejewski for RealClearPolicy

Prominent hedge fund manager and liberal philanthropist George Soros is worth $8.6 billion and isn’t exactly hard up for cash. Robert and he both received stimulus checks under the CARES Act.

One taxpayer who earned $75,000 or less per year on their tax returns received $1,200. Married couples receive $2,400 if the income is less than $150,000

The Soros duo were among 270 taxpayers —18 billionaires and some 250 other ultra-wealthy people — whose previous tax returns collectively disclosed $5.7 billion in income, “but who were able to deploy deductions at such a massive scale that they qualified for stimulus checks,” ProPublica reported. All of the millionaires and billionaires listed negative net incomes on tax returns, the investigative news outlet said in its recent report.

If each one of the 270 recipients a $1200 check, it means that $324,000 in checks were cut.

RELATED: Biden Administration Tells Businesses to Ignore Federal Court Ruling that Halted the Vaccine Mandat

While both Soros and his son returned the checks, their receipt of them in the first place shows that the method Congress used to automatically send stimulus checks to needy Americans doesn’t work.

The problem is in the way the wealthy can “wipe out even hundreds of millions in income,” ProPublica said.

Robert Dart (part of Dart Container Corp.’s Dart family), reported an income of over $300 million in 2018, but he was left with $39 million after deductions. This is why the stimulus.

While the federal government is struggling to get at least $87 billion worth of fraud of unemployment benefits under control, they should look at other handouts that give cash to people who neither need nor deserve it.

RealClearWire permission granted this syndicated version.

OpenTheBooks.com presents the #WasteOfTheDay.

The views expressed by content partners and contributors are not necessarily those of The Political Insider.