Today, the Patriotic Millionaires reacted to “The Responsible Estate Tax Act” which was introduced by Senator Bernie Sanders (I-VT).
“While our diverse membership holds varying opinions on the exact measures needed to reform our broken tax system,” stated Patriotic Millionaires Director of Communications Erik Altieri, “They all agree substantial changes are needed and proposals such as Senator Sanders' foster an important nationwide dialogue regarding the nature of taxes themselves and the role they play in running a successful nation.”
Many members of the organization voiced strong support for Senator Sanders’ latest legislation.
“This country was founded on the principle that who you are ought to matter more than who your parents were. Dynastic wealth is corrosive to everything the United States of America is supposed to stand for,” stated Ron Garret, Founder and CEO of Spark Innovations Inc., “It is corrosive to democracy. It is corrosive to capitalism. It is corrosive to freedom. In life there will always be winners and losers, but everyone is entitled to a level playing field and a fair start.”
The legislation includes several reforms to the current estate tax, including ending tax breaks for dynasty trusts, that were constructed to circumvent the tax code and which have allowed billionaires to pass fortunes from one generation to the next without paying any tax on their inheritance.
"The Responsible Estate Tax Act closes irresponsible loopholes and applies a simple, rationale set of rules that will ensure fair and proportional responsibility across the board," commented entrepreneur Brady Brim-DeForest, "We're on the precipice of the biggest wealth gap in human history — allowing the scales to be tipped further towards inequality will take us past the tipping point. This bill represents a step back from the edge."
“For too long has the top 1% of this country held a stranglehold on our policy making,” added Patriotic Millionaires chair and former BlackRock Inc. executive Morris Pearl, “This control is evidenced in recent attempts to completely repeal the estate tax. Those of us who have benefited so much from the opportunities our country provides should be willing to give back to those who are still trying to make a place for themselves in our economy.”
This measure begins an important discussion regarding the influence of high net worth individuals on our political system, who have long used their wealth to compel politicians to stack the deck in their favor, at the expense of working and middle class families.