Tester Cracks Down on Millionaires Abusing Unemployment Benefits with New Bipartisan Bill

Senator’s bipartisan bill would end unemployment compensation for millionaires

U.S. Senator Jon Tester today introduced bipartisan legislation with Senators Joni Ernst (R-Iowa) and Mike Braun (R-Ind.) to crack down on millionaires abusing unemployment benefits at the expense of Montana taxpayers. Tester’s Ending Unemployment Payments to Jobless Millionaires Act of 2023 would end Unemployment Insurance (UI) compensation for anyone earning $1 million or more.

“At a time when Montana families are struggling with rising costs on everything from housing to groceries, it defies logic for multi-millionaires to receive unemployment benefits on the taxpayers’ dime,” said Tester. “I came to Washington to fight for working families, not fat cats who look for loopholes to line their pockets. My bipartisan bill will cut wasteful spending and put money back in hardworking Montanans’ pocketbooks where it belongs.”

In total, 14,951 millionaires collected $213.3 million in unemployment compensation in 2022, according to new figures from the IRS. This includes nearly $4 million paid to more than 300 multi-millionaires earning $10 million or more. Each of the unemployed millionaires was paid about $14,265, on average. In the previous two years, nearly half a billion dollars in jobless benefits have been paid to out-of-work millionaires.

Tester has been an outspoken advocate for cutting unnecessary government spending and reducing the national debt.