Some Americans Will Be Getting A $1.7 Million Stimulus Check

When Congress passed the Coronavirus Aid, Relief and Economic Securities (CARES) Act, they agreed to give $1,200 to citizens making less than $75,000 a year, but it turns out that the CARES Act also gives some Americans more... a lot more.

Forty-three thousand taxpayers who make more than one million dollars annually are going to be getting benefits worth a whopping $1.7 million on average.

According to the Washington Post, there was a provision buried in the CARES Act that allows for the huge benefit. The wording in the $2.2 trillion dollar act temporarily suspends a limitation on how much certain business owners can deduct, which means that those people will get a very significant tax break, essentially the equivalent of getting a massive check from Uncle Sam.

The Joint Commission on Taxation report on the act shows that it will cost taxpayers $90 billion dollars and 82% of the benefits will go to taxpayers who earn more than a million dollars. Since that's about 43,000 people, it breaks down to an average $1.7 million in benefits for each. Of course, that is an average number, so some of those Americans will see a tax break that saves them millions more than just that $1.7 mil.

Meanwhile, the $1,200 checks going out to most citizens should be in their mailboxes in the coming days. Check on the status of yours, here.

Photo: Getty Images