Millionaires Claim jobless benefits

[Bob]

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.

 

[Bob]

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.

 

[Bob Wells]

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.

 

[Koa]

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.