Congress passed a $2.2 trillion relief package known as the CARES act, back in 2020. It sent out stimulus checks to the millions of Americans that needed help to stay afloat.
Congress used a simple filter to determine who was eligible for assistance: The full $1,200 was limited to single taxpayers who had reported $75,000 a year or less in income on their previous tax return. Married couples got $2,400 if they had reported less than $150,000 in income. Money was sent automatically to those who qualified.
The Billionaires Who Received The Stimulus Checks
Ira Renner did not need the push offered by the CARES Act as he is valued at around $3.7 billion. He made his fortune as a corporate raider back in the 80s and has got a $2,400 stimulus check from the federal government.
George Soros, the prominent hedge fund manager, and philanthropist who is worth $8.6 billion did not need the CARES cash, either. Neither did his son, Robert, himself worth hundreds of millions. But they, too, both got checks. They have both returned their checks as stated by their representatives.
The wealthy taxpayers who received the stimulus checks got them because they came in under the government’s income threshold. In fact, they reported way less taxable income than that after they used business write-offs to wipe out their gains.
The number of stimulus checks that went to ultrawealthy taxpayers was a negligible piece of the trillions spent via the CARES Act. But the fact that billionaires were able to qualify shows that when legislators rely on income tax returns to determine eligibility for aid, there can be surprising results.