Unemployment Benefits For Millionaires

US News • 8/08/12 10:26:30 am • Views: 847

UNEMPLOYMENT BENEFITS FOR MILLIONAIRES, AND MORE FROM CRS

Thousands of Americans who have a gross annual income of more than a million dollars have also been collecting unemployment benefits, according to IRS data compiled in a new report from the Congressional Research Service.

That description fits only a tiny fraction of a percent of those receiving unemployment benefits, and is obviously not typical of recipients of unemployment insurance. But neither does it violate any law. The issue has prompted pending legislation to restrict benefits based on income. See Receipt of Unemployment Insurance by Higher-Income Unemployed Workers (“Millionaires”), August 2, 2012.

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4 comments

researchok Wed, Aug 8, 2012 10:50:23am

Over a $1,000.000 earners on unemployment? 2,362 as per the source or .02% of claimants.

Vicious Babushka Wed, Aug 8, 2012 11:12:37am

re: #1 researchok

Over a $1,000.000 earners on unemployment? 2,362 as per the source or .02% of claimants.

Contractors who charge a huge hourly rate can claim unemployment benefits when they are between contracts.

Daniel Ballard Wed, Aug 8, 2012 11:20:26am

I would think that everyone regardless of income who pays into unemployment insurance would receive benefits, or else we have committed a fraud upon them. If at some income level we want to exclude them, then we must stop collecting the insurance premiums.

Joanne Wed, Aug 8, 2012 3:12:13pm

re: #3 Daniel Ballard

I would think that everyone regardless of income who pays into unemployment insurance would receive benefits, or else we have committed a fraud upon them. If at some income level we want to exclude them, then we must stop collecting the insurance premiums.

And that turns UE into an entitlement vs a benefit. And any entitlement helping people who need help is already on the GOP cutting board. UE is critical for most folks between jobs. Even moreso during the last few years.

While I find it abhorrent that those who truly don't need it use it, it's better than not having it, which one side of the congressional aisle already disagrees with.

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