Senate Repubs snuck $90 B tax cut for millionaires into virus bill

Senate Republicans snuck $90 billion tax cut for millionaires into coronavirus relief legislation |

Democrats say the GOP tried to "loot American taxpayers" to "reward ultra-rich beneficiaries" like "Trump's family"

Republican lawmakers used the coronavirus relief bill to give millionaires a tax break they failed to include in the 2017 tax cut bill.

The 2017 Republican tax cut imposed restrictions on how much owners of "pass-through" businesses, or companies in which the owner pays an individual income tax on profits rather than the corporate income tax, can deduct against non-business income, such as capital gains. The bill set a $250,000 cap on losses that can be deducted.

But right-wing think tanks and some lawmakers complained about the cap, and Senate Republicans snuck a provision into the coronavirus relief bill last month to suspend the limits, The Washington Post reports.

The Joint Committee on Taxation (JCT), a nonpartisan congressional agency, estimates that more than 80% of the benefits of the tax change will benefit those who earn more than $1 million per year.

The suspension is expected to cost about $90 billion this year alone and is part of a larger set of tax changes expected to add $170 billion to the national deficit over the next decade, according to the JCT.

https://www.salon.com/2020/04/16/senate-republicans-snuck-90-billion-tax-cut-for-millionaires-into-coronavirus-relief-legislation/