According to CNBC, Tom Brady, the Tampa Bay Buccaneers' highly-paid quarterback, got a check for $960,00 from the Smal Business Administration's Payroll Protection Plan. Why? Because, besides playing football, Mr. Brady owns a sports and nutrition company.
Does Mr. Brady need the money? Earlier this year, he signed a $50 million two-year deal to play football for the Buccaneers.
And Mr. Brady gets a tax break that goes with that $960,000 check. Brady and everyone who received a PPP check can deduct their business expenses for the year, even if they paid those expenses with the federal government's free money.
Is this a great country or what!
Meanwhile, nine million student-loan debtors who are enrolled in long-term income-based repayment plans (IBRPs) have enormous tax bills hanging over their heads.
IBRPs allow college-loan borrowers to make monthly payments on their loans based on their income. If they make regular payments for 20 or 25 years, the balance on their loans is forgiven. However, the amount of forgiveness is considered taxable income by the IRS.
I do not quarrel with Congress's COVID-relief legislation. Perhaps it is good public policy to give Tom Brady a million bucks while my relatives get a lousy $600.
I just hope my children and grandchildren will become rich enough someday to qualify for government handouts.
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