Patriotic Millionaires React To Hillary Clinton’s Capital Gains Proposal

patriotic-millionaires-react-to-hillary-clintons-capital-gains-proposal

The Patriotic Millionaires have issued their reactions to Hillary Clinton’s proposal to raise the federal tax rate on capital gains. The group, which has received international media attention for their calls for increased taxes on themselves and other members of the 1%, are adamantly in favor of higher capital gains rates, though some thought Clinton’s proposal did not go far enough. Read their responses below:

“There is no policy reason that people who live off of investment income should pay taxes at a lower rate than Americans who actually work for a living.”
Patriotic Millionaire Chairman Morris Pearl, former Blackrock Managing Director

“The choice is clear: either foster a long-term view of stakeholder value, or limit the future with a focus on short-term profits. The American tax code needs to work with CEO’s who build for the long term. Secretary Clinton’s proposal is a step in the right direction.”
Patriotic Millionaire George Zimmer, Founder of The Men’s Warehouse and zTailor

“That passive income (capital gains) is taxed less than hard earned income in our society makes no sense to me. If ever a tax caused real hardship on a tax payer, it’s certainly not on passive income for those of us in the highest tax bracket. Hillary Clinton’s proposal to refine our current capital gains tax code to favor those who’s investments are a long term commitment to the over-all growth of our economy is a smart move.”
Patriotic Millionaire Rick Steves, Renowned Travel Expert and Television Host

“Adjusting the capital gains tax is a smart, simple way to address the low effective tax rate of the wealthy.”
Patriotic Millionaire John Katzman, Founder of The Princeton Review, and founder and CEO of Noodle.com

“Although many of us would pay a bit more from time to time, as we do not make our business decisions based solely on the tax code, the positive effect of the policy change will ultimately prove beneficial in the returns we are earning, with the end result likely to be more stable capital structures at many companies and greater profits over time.”
Patriotic Millionaire Dennis Mehiel, of Four M Manufacturing Group, Inc.

“Finally, the prospect of much more fairness – and more progressive-ness – in individual taxation. Long overdue, and much appreciated. Now we just have to reform “carried interest”!”
Patriotic Millionaire Leo Hindery Jr., Managing Partner of InterMedia Partners

“I’m happy to see Secretary Clinton realizing finally that capital gains rates should be higher but her proposal doesn’t go nearly far enough. There is no logical reason why capital should be taxed less than actual work.”
Patriotic Millionaire Guy Saperstein, Attorney

“What Secretary Clinton is proposing will enable publicly traded companies to reinvest in innovation and long-term growth, rather than being solely focused on short-term, quarter-by-quarter profits that dominate today’s landscape. This is good for startups (who should continue to double down on innovation even after an IPO), good for management teams at public companies (who often cannot afford to take a longer view), and good for the economy.”
Patriotic Millionaire Brady Brim-DeForest, Founder, International Academy of Web Television

“The growing gap between the very richest Americans and everybody else is made even wider by a federal government which taxes income from investments at a lower rate than income from working. Most Americans agree that the tax system needs to be made both simpler and fairer; Secretary Clinton’s proposal represents an important attempt to close one of Wall Street’s favorite loopholes.”
Patriotic Millionaire Eric Schoenberg, Chairman of the Board, CampusWorks, Inc.

“Capital gains rates should reward and promote long term investment and value creation, not speculation, and treating those speculative investments exactly the same as long term investments makes no business or economic sense. Tax policy should clearly treat such investments less favorably.”
Patriotic Millionaire Tal Zlotnitsky, Chairman and Co-CEO of iControl Universal Collaboration Solutions

“If we can’t just raise the capital gains tax rates, then surely both Democrats and Republicans can agree that a proposal to raise the rate on shorter capital investment gains is beyond dispute. Even Conservatives should agree that short-term capital investments are not the type which are providing productive growth. There is little, if any, job creation in short term capital investments.”
Patriotic Millionaire Dale Walker, Vice Chairman, Pacific Vision Foundation

“A Capital Gains tax should create an incentive for real investors to make real investments. Let’s be clear – traders are NOT investors. No honest investor would expect a return in less than 2 or 3 years. A well conceived Capital Gains tax would tax trading for what it is, income, and step down from there.”
Patriotic Millionaire Frank Pattiucci, CEO of NuCompass Mobility Services

“Given that supply side economics has been utterly invalidated from an empirical standpoint, there is no principled basis for a distinction between earned income from wages and salary and unearned income from investment for income tax purposes.”
Patriotic Millionaire Dan Berger, Attorney

 

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