ISSN 2330-717X

Robert Reich: How Richest 1 Percent Came Out Big Winners In Covid Relief Bill – OpEd

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Hidden in the bill combining Covid relief and government spending is a cool $200 billion in tax breaks. An estimated $120 billion of those tax breaks will go to the richest 1 percent of Americans. 

Those giveaways include:

—A $2.5 billion break for racecar tracks

—A $6.3 billion write-off for business meals, i.e. the “three-martini lunch” deduction

—A new provision under the Paycheck Protection Program that allows forgiven loans to also be tax deductible, giving businesses the ability to “double dip” into the program

The bill also creates an independent commission to oversee horse racing, at the behest of Mitch McConnell. 

There’s no question about it: This pandemic has both revealed and exacerbated our already staggering economic inequality. 

Republicans didn’t blink twice when they handed out $6.3 billion in tax breaks to their wealthy corporate backers, but when it came to getting direct relief to struggling Americans $600 was the best they could do. Their priorities couldn’t be clearer.

Robert Reich

Robert Reich

Robert B. Reich is Chancellor's Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center for Developing Economies. He served as Secretary of Labor in the Clinton administration, for which Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century. He has written fifteen books, including the best sellers "Aftershock", "The Work of Nations," and"Beyond Outrage," and, his most recent, "The Common Good," which is available in bookstores now. He is also a founding editor of the American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." He's co-creator of the Netflix original documentary "Saving Capitalism," which is streaming now.

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