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Number of Nation’s Wealthiest People Who Receive Unemployment Assistance Increases

Unemployment Assistance
Nation's wealthiest people received unemployment assistance. (Photo: CNN)

Number of the country’s wealthiest people and those who have high-paying salaries received unemployment assistance.

Unemployment Assistance

Nation’s wealthiest people received unemployment assistance. (Photo: CNN)

Nation’s Wealthiest People Receive Unemployment Assistance

The number of the nation’s wealthiest people who received unemployment assistance increased, according to data released by the Internal Revenue Service (IRS). The agency said that around 19,000 individuals who earned at least $1 million in 2020 received unemployment assistance.

This also includes those who earned between $5 million and $10 million or around 4,500 people. Additionally, 229 people who earned eight-figure incomes or more also received the assistance. According to the data released, they received an average of $13,900 in benefits.

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Why the Nation’s Wealthies People Received the Unemployment Assistance?

There are several reasons why the nation’s wealthiest people also received unemployment assistance. Experts said that during the wake of the pandemic, there were widespread layoffs and different businesses shut down and collapsed, according to an article published in POLITICO.

Amy M. Traub, senior researcher of social insurance at the National Employment Law Project, said, “Tens of millions of workers were thrown out of their jobs in 2020 and it was a really wide range of people — it included people who had been making really good incomes.”

Some experts also speculated that some of those who received the aid was married to highly paid people with whom they jointly filed their earnings. It also included those who owned small businesses but are eligible to receive unemployment assistance.

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