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The handed trillions in funds or tax breaks to oil companies, the airline industry, which alone got $50 billion in stimulus money, the cruise ship industry, a $170 billion windfall for the real estate industry, private equity firms, lobbying groups, whose political action committees have given $191 million in campaign contributions to politicians in the last two decades, the meat industry and corporations that have moved offshore to avoid U.S. taxes. The act allowed the largest corporations to gobble up money that was supposed to go to keep small businesses solvent to pay workers. It gave 80 percent of tax breaks under the stimulus package to millionaires and allowed the wealthiest to get stimulus checks that average $1.7 million. The CARES Act also authorized $454 billion for the Treasury Department’s Exchange Stabilization Fund, a massive slush fund doled out by Trump cronies to corporations that, when leveraged 10 to 1, can be used to create a staggering $4.5 trillion in assets. The act authorized the Fed to give $1.5 trillion in loans to Wall Street, which no one expects will ever be paid back. American billionaires have gotten $434 billion richer since the pandemic., the richest man in the world, whose corporation Amazon paid no federal taxes last year, alone added $34.6 billion to his personal wealth since started. (en) |
