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

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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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)

By Stacy M. Brown, NNPA Newswire Senior Correspondent
@StacyBrownMedia

While struggling individuals and families look forward to a $1,200 federal stimulus check, America’s wealthy have again made off with most of the cash.

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.

The change in tax law reportedly suspends limits on how much money individuals can deduct against how much they owe based on lost income or business revenue, according to the committee.

Still, 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.

It allows many of the country’s wealthiest to avoid nearly $82 billion of tax liability in 2020.

Nearly 82 percent of the benefits from the tax law change will go to people making $1 million or more annually in 2020, according to the Joint Committee.

Approximately 95 percent of those who benefit from the change make $200,000 or more.

The government began sending out $1,200 stimulus payments to individuals making less than $75,000, and $2,400 for couples earning no more than $150,000.

An additional $500 per child under 18 was provided to families while those high school and college students over the age of 17 were left entirely out.

In all, taxpayers will lose nearly $90 billion from the change to the law, which suspends a restriction introduced in President Trump’s 2017 tax bill.

The change allows owners of businesses known as pass-through entities to lower their taxes by deducting as much as they want against income unrelated to the company.

“It’s a scandal for Republicans to loot American taxpayers amid an economic and human tragedy,” Rhode Island Democratic Sen. Sheldon Whitehouse noted in a statement.

“This analysis shows that while Democrats fought for unemployment insurance and small business relief, a top priority of President Trump and his allies in Congress was another massive tax cut for the wealthy.”

Whitehouse and Rep. Lloyd Doggett (D-Texas) sent a letter expressing their concerns to Vice President Mike Pence, Treasury Secretary Steve Mnuchin, and Acting Director of the Office of Management and Budget, Russell Vought.

“We are specifically seeking information about whether any people in the Trump administration who were involved with developing the changes would also benefit from the provisions.”

Several published reports said both Trump and his son-in-law Jared Kushner stand to reap millions as a result of the stimulus package and the change in tax law.

So that Congress and the American public can better understand the provenance of these tax law changes, and assess whether any individuals within the Administration who stand to gain from these provisions were involved in their development, Whitehouse and Doggett have requested that Pence, and Vought provide the following information:

  • All communications from January 1, 2020, to the present between the White House, Department of Treasury, or the Office of Management and Budget and any nongovernment person or entity related to sections 2303 or 2304, or the policies modified by those sections.
  • All communications between the Department of Treasury and the White House, and between the Department of Treasury and the Office of Management and Budget, related to sections 2303 or 2304, or the policies modified by those sections, in the development of the Coronavirus Aid, Relief, and Economic Security Act.
  • All studies, analyses, proposals, cost estimates, or other information considered by the White House, the Department of Treasury, or the Office of Management and Budget related to sections 2303 or 2304, or the policies modified by those sections, in the development of the Coronavirus Aid, Relief, and Economic Security Act.

“It’s a scandal for Republicans to loot American taxpayers in the midst of an economic and human tragedy,” Whitehouse noted in his statement. “Congress should repeal this rotten, un-American giveaway and use the revenue to help workers battling through this crisis.”

Doggett added that the cost of the tax break is more than total new funding for all hospitals in America and more than the total provided to all state and local governments.

“Someone wrongly seized on this health emergency to reward ultrarich beneficiaries, likely including the Trump family, with a tax loophole not available to middle class families. This net operating loss loophole is a loser that should be repealed,” Doggett said.

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Smooth Ride! Car Suspension & Comfort Tested #shorts

Smooth suspension meets surprisingly spacious legroom. Experience true comfort on any road!

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Car suspension test demonstrating a smooth ride, comfort features, and handling on various terrains.

Experience the difference smooth suspension makes on rough streets. Check out the surprisingly good second-row legroom – test it yourself for true comfort.

🔗 Watch the full video: https://youtu.be/l9Z571za5Gc

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61 years since Selma, Houston leaders say the bridge remains to be crossed

61 years after Selma, Houston leaders say the fight for equality continues. The issues that sparked the marches still impact Black Americans today.

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Houston leaders discuss the ongoing struggle for civil rights 61 years after Selma, emphasizing the need for continued action.

It has been 61 years since the Selma marches. But political leaders in Houston say that the issues protesters were marching for still plague the lives of Black Americans.

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Here is what you need to know about finding unique white elephant gift ideas that everyone wants to steal

The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition. The wrapping paper comes off, the room goes quiet for half […]

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The best white elephant gift ideas are funny enough to get a reaction but useful enough that people actually want to steal them. Look for gifts with a surprise factor, broad appeal, an inside joke, and just enough personality to spark some friendly competition.

The wrapping paper comes off, the room goes quiet for half a second, and suddenly everyone wants the same gift. That is the sweet spot. A great white elephant pick should make people laugh, lean in, and start plotting their next steal before the turn is even over.

Should a White Elephant Gift Be Funny or Useful?

A white elephant gift can be funny or useful, but the strongest choices usually give people a reason to laugh and a reason to keep the item. A practical gift with an odd design, unexpected feature, or playful theme can get a reaction without becoming something the recipient immediately wants to give away.

The right balance depends on the group. Close friends and family members may enjoy a ridiculous gag gift because they already understand one another’s sense of humor.

A workplace exchange, neighborhood party, or mixed-age gathering usually calls for something with broader appeal. In those settings, humor works better when it is built into an item people could still use afterward.

It also helps to think about how quickly the gift will make sense once it is opened. A strangely shaped kitchen tool, oversized mug, quirky desk accessory, or unexpectedly fancy everyday item can create an immediate reaction. Guests understand the joke right away, while the item still has enough practical value to attract a steal.

Pure gag gifts can be harder to pull off. Something that exists only for the punchline may get a big laugh during the reveal and then sit untouched for the rest of the game. If the goal is to bring one of the gifts everyone keeps fighting over, usefulness gives the joke staying power.

Memorable Present Ideas: Creating Inside Joke Gifts

Inside joke gifts can make a white elephant exchange feel much more personal, especially when most of the group shares the same stories. The trick is choosing a reference that people will recognize quickly instead of building the entire joke around something only two guests understand.

You can turn a memorable vacation mishap, office catchphrase, family story, or long-running group joke into the theme of the gift. A personalized comic book can work especially well when it turns familiar people or a ridiculous shared moment into part of the story. 

Think carefully about who the joke involves before ordering anything permanent. The gift should make the person feel included in the fun, not singled out for the wrong reason.

Can You Bring Something You Already Own?

Holiday gift exchanges can be a good place to re-gift something you never used, especially if it is unopened and clean.

The following can all work if they still look presentable:

  • A duplicate kitchen gadget
  • An untouched game
  • A decorative item
  • A sealed gift set 
  • An unopened candle
  • A new travel accessory

The goal is to give the item a second chance, not use the exchange as an excuse to clear out damaged or unwanted clutter.

Take a close look at the packaging before wrapping it. Faded boxes, missing pieces, visible wear, or anything that looks obviously used can make the gift feel careless. 

Wrapping Budget-Friendly Gifts

Wrapping can make gifts more entertaining before anyone even knows what’s inside.

Misdirection works especially well for fun party games. Put a small gift inside a much larger box. Use packaging from an unrelated household item.

Add harmless weight so guests cannot guess what they are holding. The reveal becomes part of the joke without changing the gift itself.

You can also lean into the theme of the exchange. Bright paper, oversized bows, reusable bags, or deliberately over-the-top wrapping can make an ordinary item feel more memorable. If the gift itself is already funny, simple wrapping may work better so the surprise stays hidden until the last second.

Frequently Asked Questions

Is Picking Last an Advantage in White Elephant?

Picking last can be an advantage because you get to see almost every gift before making your move. Instead of choosing blindly from the remaining wrapped presents, you can steal something that has already caught your attention if the rules still allow it.

That advantage depends on the house rules. Some games limit how many times a gift can be stolen.

Others lock an item once it reaches a certain number of steals. If the most popular gifts are already unavailable, the final player may have fewer strong options than expected.

The first player can also get another turn at the end in some versions of the game. That rule can balance things out, since the person who started with the least information may get one final chance to steal.

How Do You Plan White Elephant for a Large Group?

For a large white elephant exchange, set a firm spending limit and establish the stealing rules in advance.

Create a clear turn order before the game begins. Drawing numbers as guests arrive can save time once everyone is ready to start.

Keep the number of steals per gift limited so the game does not drag on. It also helps to have one person track which creative holiday presents have been stolen and when they are locked, especially if dozens of people are participating.

Can You Play White Elephant Virtually?

A virtual white elephant exchange can work over a video call, with one person keeping track of the turn order and each steal. Guests can either mail physical gifts ahead of time or use digital gifts that can be delivered once the game ends.

Set the spending limit and stealing rules before everyone joins. It also helps to decide how gifts will be revealed and who is responsible for sending each one afterward so the exchange does not become confusing.

Choose a Perfect White Elephant Gift in a Snap

Look for a white elephant gift that fits some of these criteria, and everyone will be trying to grab it at your next celebration.

Do you need more gift-giving tips and tricks? Make sure you read some of our other posts.

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