What is the #MillionairesSurtax? In response to this report, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director of BlackRock, Inc., issued the following statement: We can debate the numbers, the rates, the programs. Simply put, wealth is wasted on the wealthy. It’s time to tax the excessive wealth of the super-rich. The Patriotic Millionaires is a group of high-net worth Americans who share a profound concern about the destabilizing level of inequality in America. That's a terrible idea | Kate Aronoff. We’ll be joined by Robert Reich, Gabriel Zucman and Emmanuel Saez, three University of California, Berkeley economists whose research has shifted the way we look at taxation and inequality, as well as an array of other thinkers, activists and elected leaders. He also said he doesn't like the rise in … Philanthropy alone won’t cut it. We’re meeting at the ground zero of 21st-century inequality – San Francisco – to challenge our wealthy peers to fight for a fairer tax code. While this level of tax evasion is certainly unusual, it's a symptom of a tax system that offers the rich countless loopholes to legally avoid paying taxes. - Patriotic Millionaire Rich Boberg, tech entrepreneur and investor "The Millionaires Surtax is such a small sacrifice for the ultra wealthy. Why the wealthy deserve a tax cut - Duration: 5:01. There was just a big conference, fittingly named the “Tax the Rich!” conference, hosted by a group called Patriotic Millionaires. conference in November. As “traitors to our class” – as we proudly call ourselves – we must press lawmakers at every level of discussion to revitalize the union movement, to increase the national minimum wage to $15 an hour, and to restore the working middle class that rose to prominence in America when our tax system was at its equitable best. LIVE IN DC: Workers vs Billionaires. The gathering was put together by the Patriotic Millionaires, a group of proud “traitors to their class,” committed to breaking up the concentration of wealth and power in the United States. —Morris Pearl, chair, Patriotic Millionaires. WASHINGTON — Karen Seal Stewart is rich. Jeffrey Brown … In 2010, I joined an organization called the Patriotic Millionaires. Fox Business 7,210 views. Tax the Rich. The Patriotic Millionaires formed last fall, in part as a way to encourage Congress to rescind the Bush-era tax cuts. Create New Account. The Patriotic Millionaires hosted a virtual discussion on taxing the wealthy. The next time tax day rolls around, I want my fellow millionaires to be ready to pay their fair share. Others, like venture capitalist Nick Hanauer, have made public statements like this before. When rich folks hoard money, they’re trading the long-term viability of the American economy for their own instant gratification, and they’re pulling up the ladder they climbed behind them. Most Americans also support other measures to make sure we’re paying our fair share like Elizabeth Warren’s wealth tax proposal, which would levy a 2 percent tax on assets over $50 million and 3 percent over $1 billion. If they put their net worth into an ordinary savings account, any billionaire could live a life of luxury on the interest alone, to say nothing of the significantly higher rate of return on virtually every other investment opportunity available to wealthy Americans. This is bad for workers and consumers in the short term, and ultimately bad for business as markets run dry. Public Citizen. Last year, the country’s “Gini” index, which measures the nation’s income distribution, reached its highest reading ever. Rich people should play by the same rules as everyone else. Save America. Patriotic Millionaires Chairman Morris Pearl on New York City Mayor Bill de Blasio announcing his candidacy in the 2020 presidential race. The people who signed the letter are some of the incredibly few people that would be affected by it, and they recognize, like virtually everyone else, that they can afford to pay a little more. “Tax the Rich. The Patriotic Millionaires formed last fall, in part as a way to encourage Congress to rescind the Bush-era tax cuts. Our work centers on the two things that matter most in a capitalist democracy: power and money. Under the current revenue system, companies such as Facebook and Exxon pay a lower rate on their 20 billionth dollar of profit (21%) than the top rate that dental assistants, sales workers, mechanics, telephone operators, painters and postal clerks pay on their average annual wage of $39,400 (22%). The billionaires are starting to get worried. Most of rich folks aren’t rich because of how much they make in a year, but because of how much money they already have. "There's plenty of money in this state to fund every single important government function, we just need a governor who is willing to tax the rich." He proposed paying for his $447 million jobs program in part by eliminating some tax deductions for Americans making more than $200,000. or. While this level of tax evasion is certainly unusual, it's a symptom of a tax system that offers the rich countless loopholes to legally avoid paying taxes. It calls into question the very sustainability of capitalism, with ramifications for everything from climate change to racial justice to who has a true economic stake in our nation. If Donald Trump really wants to make America great again, he’d do what our country did when it was at the height of its economic stability and equality: increase the top income tax rate to 90%. Save America. At the end of the day, the economic health of our country is determined not by the size of its biggest bank account but by the ordinary American’s prosperity. Warren’s proposal would have absolutely no impact on anyone with less than $50 million in assets. conference in November. The Patriotic Millionaires’ forthcoming book Tax the Rich: How Lies, Loopholes, and Lobbyists Make the Rich Even Richer and What to Do About It, set to be published by The New Press in April 2021, explores how the rich and powerful rig the country’s economy and political system in their favor through manipulating the tax code. The Patriotic Millionaires' letter, titled "Taxes or Pitchforks," warns that tax evasion has "reached epidemic proportions" and contributes to "extreme, destabilizing inequality." As a successful entrepreneur and founder of Men’s Wearhouse, I’ve seen how tax breaks for corporations and the rich perpetuate income inequality. But his tax-the-rich rhetoric has sharpened in the past few weeks. Morris Pearl, the millionaire chair of the Patriotic Millionaires, and Erica Payne, the organization’s founder, take readers on an insider’s tour of the nation’s tax code and show how the rich (and the politicians they control) structured the tax code to make themselves even richer. I can pay more, I should pay more, and I reject the false concept that we wealthy Americans are the job creators who will leave the country with our money if we’re asked to pay our fair share. 2:44. Home | Blog | Tax The Rich By Taxing The Riches, On Monday, 18 billionaires and multi-millionaires penned an open letter to the 2020 presidential candidates urging a “moderate wealth tax” on the fortunes of the richest sliver of Americans. This ‘patriotic millionaire’ says the rich should pay more in taxes. The Trump tax cuts give wealthy people like her – the very people who least need a tax cut the least – a huge handout, McVickar said. explanation of how our tax code rigs the economy in favor of the very rich and leaves everyone else holding the bag. Save America" Featuring Over a Dozen Members of Congress. "Taxes on someone who owns four cars must be higher than taxes on someone who owns one car. 2:46. Members of Patriotic Millionaires for Fiscal Strength visited Capitol Hill Wednesday, lobbying Congress for higher taxes on the rich. Representative Pramila Jayapal (D-WA) spoke about the need for a fair tax code for all Americans. —Karen Stewart, Patriotic Millionaire and Angel Investor. As Warren herself has pointed out, homeowners across America already pay a wealth tax every year based on the value of their home – it’s just called a property tax. We believe that those of us who benefit the most from our capitalist system must ensure that it also works for our employees, our customers, our communities – in short, all of the nation’s stakeholders, not just our shareholders. See more of Patriotic Millionaires on Facebook. This is because instead of supporting local businesses and investing in the types of ventures that lead to higher wages and more jobs, most wealth collects dust (and interest) in some already rich CEO’s investment portfolio. Pearl, who said he earns much of his income from selling stock, said tax loopholes for people like him aren't fair to the rest of working Americans. But his tax-the-rich rhetoric has sharpened in the past few weeks. Log In. Progressive taxation is key both to mitigating income inequality and to taking the 2020 election, Patriotic Millionaires Chair Morris Pearl told Cheddar on Tuesday. Taxing wealth directly gets at both the cause and effect of inequality in America without laying a finger on ordinary Americans. By discussing how to address inequality, we can provide for a truly great American future. Alexandria Ocasio-Cortez raised eyebrows when she suggested a 70% tax rate on incomes greater than $10 million, but even a Fox News poll found that voters want higher taxes for that bracket, much to the consternation of Fox News hosts. A group known as The Patriotic Millionaires is making loud and sustained calls for higher taxes on the rich . 34.7% of Georgian workers would get a raise if the federal minimum wage were increased to $15/hour. In order to do that, we need to bring back a fair and progressive tax code – one in which our nation’s wealthiest pay for investments in infrastructure, clean energy, public transit, early childhood education, re-entry programs for the formerly incarcerated and federal support for affordable housing. There is no good reason for someone to have that much money while more and more Americans find themselves falling into poverty and homelessness. In fact, some are … He declined to say how high he would like to see taxes raised on the rich. Democratic Socialism Now. If the trend was a half-century in the making, the Trump tax bill that slashed corporate tax rates has fueled it to an extreme. Her remarks were part of a Patriotic Millionaires discussion on taxing the … Political Organization. The Patriotic Millionaires know the game — the lobbyists, the loopholes, the lies. Patriotic Millionaires, a group of businessmen who insist that the rich should pay more in taxes in order to help revive the economy, are holding a press conference on Wednesday in Washington D.C., engaging in discussion with congressional leaders from both parties about the future of the country. Their message arrives at a … Yet rich people own all kinds of property that goes untaxed, from status symbols like “diamonds, yachts, and Rembrandts” to intangibles like stocks, bonds, and other financial instruments. We focus on three “first” principles: a highly progressive tax system, a livable minimum wage, and equal political representation for all citizens. The Patriotic Millionaires know the game — the lobbyists, the loopholes, the lies. Dozens of activists, organizers, elected officials, and ultra-wealthy individuals came together in Washington, D.C. last week around a simple theme: it’s time to tax rich people. Even the most self-made millionaire’s wealth depends on certain background conditions like a consumer base that can afford to buy products. conference in November. Forgot account? The next time tax day rolls around, I want my fellow millionaires to be ready to pay their fair share. Related Pages. 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