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.
Congress in 2009 voted to exempt the first $2,400 of jobless benefits from federal income taxes. The Census Bureau last month reported the countryâ€™s poverty rate rose to 14.3 percent in 2009, the highest level in 15 years.
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.
â€œThese were people comparable to your millionaires who clearly didnâ€™t need the money but collected it nonetheless,â€ he said.
I think there are a lot more than 3000 millionaires collecting. According to the article, they define millionaire as someone earning over $1m over the course of a year, whereas the ‘normal’ definition is someone with a net worth of $1m or more.
There are blue collar workers that, had they bought a house in the right neighborhood with a modest salary, would be millionaires today. And, they may have lost their blue-collar job…meaning that they may actually need the money.