While many of us are taking a financial hit from the COVID-19 pandemic, a handful of Wisconsin billionaires a doing quite well for themselves. Citizen Action of Wisconsin executive director Robert Kraig believes they’re benefiting from a tax cut included in the CARES Act.
“When people are literally having trouble figuring out how to get food on the table and rent, and unemployment benefits . . . are going to run out at the end of July, it’s just stunning to think that the one thing that does get done is to make these folks even richer,” Kraig told WCLO.
The liberal advocacy group is endorsing the new HEROS Act passed by the Democratic controlled House of Representatives, which would repeal the tax break from the CARES Act.
Citizen Action cites data compiled by Forbes, which shows 8 Wisconsin billionaires collectively saw their wealth increase by more than 14 billion dollars, or 36 percent, during the first three months of the COVID-19 pandemic.