While Trump seeks to tighten access to food stamps, Trump’s economic rescue package quietly allocated $135 billion for wealthy real estate developers. Officially, the provision is called “Modification of Limitation on Losses for Taxpayers Other Than Corporations”.
Jesse Drucker also wrote an article explaining that Trump himself, along with his son-in-law, Jared Kushner, will benefit financially from this provision. The fine print was mysteriously slipped into the March economic relief package at the last minute, even though it has nothing to do with the coronavirus and offers retroactive tax breaks for periods long before Covid-19 arrived. A new study determined that in the two months since March 18, roughly the start of the economic crisis, America’s billionaires saw their wealth collectively grow by 15 percent. And another 16 Americans became billionaires in that period.
About 82 percent of the Zillionaire Giveaway goes to those earning more than $1 million a year, according to Congress’s Joint Committee on Taxation. Of those beneficiaries earning more than $1 million annually, the average benefit is $1.6 million. WOW.
In other words, a single mom juggling two jobs gets a maximum $1,200 stimulus check — and then pays taxes so that a real estate mogul can receive $1.6 million. This is dog-eat-dog capitalism for struggling workers, and socialism for the rich.
During the Great Depression, President Franklin Roosevelt responded boldly to economic desperation by creating jobs, passing Social Security and starting rural electrification. In this crisis, Trump is trying to restrict food stamps and health insurance while giving free money to real estate tycoons — probably including himself.