Jobless Millionaires Are Making Money Off Hardworking Taxpayers, Essential Workers.

Washington is spending millions of dollars every week to pay millionaires for not working. You read that right, folks: millions for unemployed millionaires.

Millionaires on Unemployment

As part of the CARES Act, Congress provided new benefits, including an extra $600 per week in unemployment insurance payments, to help those who were laid off or lost a job as a result of the closings caused by COVID-19.  

While this additional assistance may help folks who have lost their only income, the additional money can also be claimed by millionaires. And the million dollar question [no pun intended] is “WHY?”

Quite simply, there’s no financial limitations on eligibility for these new benefits. So, as a result, many wealthy coastal elites and millionaires across the country may be making off with money paid out of the pockets of essential workers and others who are continuing to work and pay taxes.

That’s just not right. If you are lucky or industrious enough to be making millions and temporarily out of work, you sure don’t need an extra $600 a week from taxpayers to get by. 

With our nation facing a record-breaking budget deficit this year of nearly $4 trillion, we simply cannot afford to be subsidizing the lifestyle of coastal elite millionaires who are between jobs.

And what should come as no surprise to anyone, Speaker Pelosi and the House of Representatives did nothing to fix this issue in their new $3 trillion bill. They approved extending the CARES Act jobless benefits into next year without addressing the higher income issue. 

The House bill could literally give away another $45 million to millionaires not to work. Folks, that means hardworking Iowans would end up paying out-of-work millionaires, millions.  

For these reasons, I am giving my May 2020 Squeal Award to the jobless millionaires looking for handouts from hardworking taxpayers. 

May Squeal Award: Jobless Millionaires

I’m also introducing a bill to stop the bonus payments to out-of-work millionaires. I’m calling it the Returning Inappropriate Cash Handouts (RICH) Act.

Under the RICH Act, anyone who lost a job but is earning $1 million or more this year would be barred from receiving the $600 weekly unemployment bonus and denied eligibility for the new expanded unemployment coverage.

The bill does not change the eligibility or amount paid by the traditional unemployment insurance entitlement program that every worker contributes to as part of payroll taxes. It could save as much as $2 million A WEEK!

The RICH Act would simply ask those seeking unemployment compensation to also certify that their income this year is not $1 million or more.

Do you have an example of government waste or inefficiencies that I should take a look at? Send me an email by clicking here.

Thank you!