According to reports, no less than 18 billionaires plus over 200 super-rich individuals received the third check that was intended for low-income families and individuals during the pandemic.
The super-rich includes George Soros, Ira Rennert, and Glen Taylor, outgoing owner of the Minnesota Timberwolves. According to a report they received part of the first stimulus check. this information was sourced from leaked IRS files.
While the representative of George Soros has stated that they have returned the stimulus check, the representative of Glen Taylor has not responded to queries.
Billionaires Received Stimulus Check As Eligibility Based On Taxable Income
The super-rich received the check under the $2.2T relief fund, under the Coronavirus Aid, Relief, and Economic Security Act, solely because the administration determined their eligibility based solely on their taxable income.
Such businessmen came within the income threshold of $75,000 per annum for individuals ($150,000 per annum for couples) largely due to write-offs from their business.
Around 270 high net wealth individuals who had a collective declaration of $5.7B in income under their previous returns could claim a massive deduction in tax that entitled them to the stimulus check.
These massive deductions were sufficient to allow them to declare negative income in 2020. Other high net-worth individuals include Terrence Pegula who is worth around $5.7B and is the owner of Buffflao Bills (NFL) AND Buffalo Sabres (NHL).
Other net-high-worth individuals who received the stimulus check include Timothy Headington, who is a real estate promoter and an oil mogul.
The heir of Dart Container Corporation, Robert Dart also received a stimulus check, though he is not an American citizen and files his returns from the Cayman Islands. A spokesman for Dart Container said that Robert returned the stimulus check.
