Trump’s big, beautiful bill boots millionaires off unemployment benefits
By Stephen Dinan - The Washington Times - Sunday, July 6, 2025
The days of mega-millionaires claiming federally funded unemployment benefits are about to end.
Fifteen years after the late Sen. Tom Coburn first launched his mission to clamp down on what he called an “anti-benefit” for millionaires, Congress finally delivered in President Trump’s Big Beautiful Bill budget package.
In the early morning hours of July 1, as senators were debating and voting on dozens of amendments, Sen. Joni Ernst managed to get her colleagues to accept her amendment that forbids people who show at least $1 million dollars of income in any one year from collecting unemployment insurance benefits.
“For far too long, overtaxed and overworked small business owners have been forced to foot the bill for the lifestyles of the idle rich. But no longer. The freebies for freeloading fat cats are over,” Ms. Ernst, Iowa Republican, told The Washington Times.
As unlikely as it sounds, tax records show that every year several thousand tax returns report to the IRS that they had more than $1 million in income, and also collected some unemployment.
The number shot up during the pandemic, with roughly 19,000 tax filers with million-dollar incomes claiming unemployment benefits in 2020. Among them were more than 900 who had incomes of $5 million or more.
SEE ALSO: House Speaker Mike Johnson: Voters will ride high on Trump’s ‘big beautiful bill’ during midterms
In 2021, nearly 15,000 million-dollar filers claimed the benefit even as the pandemic waned and enhanced benefits expired.
In 2022, after the pandemic had waned and enhanced benefits expired, nearly 5,800 million-dollar filers still claimed unemployment, according to the latest IRS records.
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READ MORE: https://www.washingtontimes.com/news/2025/jul/6/trumps-big-beautiful-bill-boots-millionaires-unemployment-benefits/
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