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Business Politics

While Struggling Americans Await $1,200 Stimulus, Nation’s Wealthiest Reap Windfall

Millionaires and billionaires are set to reap more than 80 percent of the benefits because of the Trump tax law change, which alters what certain business owners are allowed to deduct from their taxes. (Photo: iStockphoto / NNPA)NNPA NEWSWIRE — The $2.3 trillion coronavirus stimulus package includes a temporary tax change for individuals who make at least $1 million a year, according to the Joint Committee on Taxation. The Joint Committee’s analysis shows 43,000 taxpayers in the highest income bracket, making more than $1 million a year, could save a combined $70 billion in taxes. Almost all benefits from the tax break go to people making more than $100,000 a year.

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