Legislation recently introduced in the U.S. Senate would make anyone earning $1 million or more ineligible for unemployment benefits.
The Ending Unemployment Payments to Jobless Millionaires Act would apply to anyone earning $1 million or more from any income source.
“The federal government must be responsible stewards of taxpayer money,” U.S. Sen. John Curtis (R-UT), who co-introduced the bill, said. “That includes ensuring programs like unemployment insurance only serve those who need them the most. Yet IRS data show that thousands of millionaires are gaming the system to receive unemployment benefits. Our commonsense legislation would end jobless benefits for anyone earning $1 million or more from any source of income.”
In 2021, 14,972 individuals and households reporting incomes of $1 million or more received a total of $213.6 million in unemployment benefits, according to a Congressional Research Service analysis of tax returns. The millionaires were paid approximately $14,265 on average in benefits.
In 2022, 5,773 individuals and households reporting incomes of $1 million or more received a total of $57.6 million.
Over 2021 and 2022, nearly 500 million in unemployment benefits were paid to millionaires including more than 300 ultra-wealthy individuals earning $10 million or more.
U.S. Sen. Joni Ernst (R-IA) co-introduced the bill.