Here Are the Tax Cuts for Millionaires in the Stimulus Bill

NPR’s Jim Zarroli reports something about the March stimulus bill that I didn’t know:

Tucked into the bill are a series of provisions that mostly cut taxes for rich people. For example, they can now reduce their tax bills by claiming bigger losses from previous years, even though the losses they suffered had nothing to do with COVID-19. The Joint Committee on Taxation says that provision alone will provide an average tax cut of $1.6 million for people in the top income bracket. That includes a lot of people in the real estate business, like the Trump family.

Hmmm. Here’s the JCT estimates of the benefits from various tax loss changes:

That adds up to a tidy sum, and needless to say, we non-rich people don’t really benefit much from more generous tax loss carryforward rules. I don’t, anyway. For rich people, however, it’s quite the nice little boon, and it’s hard to believe they really needed it.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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