“PATRIOTIC MILLIONAIRES” SLAM DONALD TRUMP’S TAX PROPOSAL
Millionaires reject tax breaks for the wealthy, “more of the same trickle down nonsense”
Washington DC – The Patriotic Millionaires roundly rejected the bulk of Donald Trump’s proposed tax reform that would give massive tax breaks to the wealthiest individuals and corporations in America. One small segment of his tax proposal members of the Patriotic Millionaires do support is an end to the carried interest tax loophole, which allows hedge fund managers to pay lower taxes than working class Americans.
Below are quotes for publication regarding Donald Trump’s full tax proposal:
“Donald Trump claims to be willing to raise taxes on the very rich to help the middle class and pay for public investments. He pretends to be different from the corporate Republicans, but his tax plan is just more of the same — massive tax cuts for the very rich, like me, and smoke and mirrors to disguise the enormous deficits and spending cuts that would fall on the middle class,” said Patriotic Millionaire David desJardins, former Google engineer and Angel Investor.*
“Donald Trump’s plan is just more Voodoo Economics. All available evidence shows clearly that tax cuts for the wealthy do NOT pay for themselves. When millionaires like me get a tax cut, do we go right out and hire more workers? No. Job creation happens if and when there is an increased demand for our products and services. And that only happens when the consumers of those products and services, not the producers, have more money to spend. Millionaires like me don’t need a tax cut,” said Patriotic Millionaire David Goldschmidt, Director of the ARKAY Foundation*
“As a business owner, I would much rather have a healthy economy than a lower personal tax rate. The last time tax rates were reduced for the highest incomes we ended up with the Great Recession of 2008. Supply side economics does not work. Let’s not make the same mistake again. Ours is a consumer-based economy. Let’s increase demand by giving tax breaks to the lowest incomes so they will go out and buy more stuff and use more services. That’s the best way to help me and my business,” said Patriotic Millionaire Frank Pattiucci, CEO of NuCompass Mobility Services*
“I watched Erin Burnett repeated asking Donald Trump how he will make up the shortfall after taxes are lowered on virtually everyone, including the wealthy. He admitted closing a (very) few loopholes would not fund the shortfall, so he essentially reverted back to the tired Conservative ‘trickle down’ adage, but we all know this theory has not worked. Why aren’t we talking about the best ways to move the pendulum back, little by little, so that we can recapture some of the egalitarian culture which best assures the sustainability of our capitalism, our culture, and our leadership on the global stage,” said Patriotic Millionaire Dale Walker, Vice Chairman, Pacific Vision Foundation*
“Trump’s call to decrease taxes on both upper and lower income residents seems like pandering to me. The numbers in his proposal not add up – does he think this won’t be noticed? Or does he not know? Those with wealth have a responsibility to help create a more just society by sharing their good fortune with many,” said Patriotic Millionaire Judy Pigott, Author*
Below are quotes for publication regarding the carried interest tax loophole:
“Trump, Sanders, Clinton and Bush all agree that billionaire hedge fund managers should pay the regular income tax rate on income from carried interest. Given this rare level of bi-partisan agreement, we would like to see a vote,” said Patriotic Millionaires Chairperson Morris Pearl, former Managing Director of BlackRock Inc.*
“We don’t need to wait for a presidential election to decide this simple issue. If Mr. Trump and other presidential candidates are serious about this specific proposal, they should call for a vote now. Closing the loophole today will make America $1.8 billion richer by next year,” said Patriotic Millionaires Executive Director Erica Payne.
See the video message from the Patriotic Millionaires on carried interest HERE.
*Job titles are for identification purposes only
The Patriotic Millionaires are a group of more than 200 Americans with annual incomes over $1 million and/or assets of more than $5 million who believe that the country’s current level of economic inequality is both dangerous and immoral. They recognize that while there are many causes of inequality, the current level of economic disparity is largely the result of a multi-decade effort by wealthy elites to enact legislation designed to enhance their personal wealth and their political power. The Patriotic Millionaires are dedicated to reversing these policies and ensuring that the legislative capture that led to their adoption comes to an end. They have been covered by major news outlets including the New York Times, Washington Post, CNN, MSNBC, Fox News, The Daily Show, PBS NewsHour and many others. You can find more coverage at http://www.patrioticmillionaires.org/media/ and more on the group at www.patrioticmillionaires.org/about/