Some 3,000 Millionaires Claim Jobless Benefits, IRS Data Show - Bloomberg Some 3,000 Millionaires Claim Jobless Benefits, IRS Data Show
By Ryan J. Donmoyer - Oct 1, 2010 12:24 PM ET After the economy slipped into recession in 2008, millions of Americans received unemployment benefits to make ends meet -- including almost 3,000 millionaires.
According to U.S. Internal Revenue Service data, 2,840 households reporting at least $1 million in income on their tax returns that year also collected a total of $18.6 million in jobless aid. They included 806 taxpayers with incomes over $2 million and 17 with incomes in excess of $10 million. In all, multimillionaires reported receiving $5.2 million in jobless benefits.
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SoWal InsiderAuthor
In addition to the millionaires, 8,011 households reporting income between $500,000 and $1 million in 2008 claimed jobless benefits totaling $52.8 million, the IRS data show.
Beach Fanatic
In addition to the millionaires, 8,011 households reporting income between $500,000 and $1 million in 2008 claimed jobless benefits totaling $52.8 million, the IRS data show.Were they entitled to the benefit? If so, then no problem, their employer paid the insurance.
Beach Fanatic
That is an obvious example of how our IRS is FUBR and needs an overhall. We tax on income, not impact/usage. Billionaires could report zero income via write offs and still collect from the Feds.
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