The U.S. government gave 18 billionaires and about 250 super-wealthy people financial support of $1.2 thousand as victims of the economic consequences of the COVID-19 pandemic. This was reported by ProPublica on November 3.
Ira Rennaert, whose fortune, according to Forbes, makes $3.7 billion, as well as George Soros with $8.6 billion and his son Robert with hundreds of millions received support payments from the American government. However, according to representatives of the businessmen, the checks have already been returned and no one has used them.
In March 2020, when the first wave of the coronavirus nearly brought the U.S. economy to a halt, Congress promptly passed a $2.2 trillion package of measures as part of the Public Care and Support Act. The centerpiece of the law was a compensation payment to more than 150 million American families who needed help.
Congress used a simple filter to determine who was eligible: $1,200 for singles with incomes of $75,000 a year or less, $2,400 for married couples with incomes under $150 a year. Those who were identified by this trait automatically received a compensation payment.
According to the portal, millionaires received maintenance payments because their incomes were below the government-specified threshold. They reported much lower taxable income. ProPublica found 270 taxpayers who collectively disclosed $5.7 billion in income, according to their tax returns. And in doing so, they fit the portrait of an American in need of $1,200 or $2,400 in support.
In June, Credit Suisse’s annual Global Wealth Report 2021 study found that the U.S. and Europe are ahead of the rest of the world in pandemic 2020 in terms of wealth growth. North America accounts for $12.4 trillion and European countries for $9.2 trillion.