ProPublica, June 8, 2020: The CARES Act Sent You a $1,200 Check but Gave Millionaires and Billionaires Far More
The income limits suggested that the plan benefits the people most in need, those most likely to spend their stimulus payments and thus help the economy. The rhetoric conveyed the same: “The CARES Act Provides Assistance to Workers And Their Families” is how the Treasury’s website puts it. There were no grants to more-fortunate people, who for the most part aren’t in financial distress and are less likely than the less-fortunate to spend any money that Uncle Sam sent them.
But when I began looking at details of the legislation, I realized that several of its provisions quietly provided benefits that were worth much more than $1,200 to some upper-middle-class people who didn’t qualify for stimulus payments. Some other provisions provided vastly bigger benefits to the rich, to corporations and to a relative handful of ultra-rich folks.
