For Immediate Release

Thursday, June 20, 2024

Patriotic Millionaires Relieved and Alarmed by Moore v. US Decision 

“While seven Justices rejected this specific attempt by plutocrats to avoid their patriotic duty, this does not change the fact that several members of the Supreme Court have corrupt relationships with billionaire benefactors looking to purchase outcomes on the Court.” 

WASHINGTON, DC – Today, the Supreme Court issued its long-awaited decision in Moore v. United States. By a 7-2 vote, the Court issued a narrow ruling that upheld the constitutionality of the mandatory repatriation tax and did not opine on the question of whether unrealized capital gains can be taxed.

In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:

“We are relieved that the Supreme Court chose not to overreach in its Moore v. US decision. The plaintiffs’ patently absurd argument, based on incorrect and seemingly fabricated facts, threatened to upend the tax code and preemptively declare taxes on wealth and unrealized capital gains unconstitutional. The Court chose not to do so.

But we remain deeply alarmed for two reasons. First, it is now evident that four Supreme Court Justices are enthralled by the influence of billionaires. In their concurring opinion, Justices Barrett and Alito asserted that unrealized capital gains cannot be taxed, as did Thomas and Gorsuch in their dissent, which said there is a realization requirement for income tax. These Justices have now signaled their intention to declare taxes on wealth and unrealized capital gains unconstitutional.

Second, the Supreme Court should never have agreed to hear this case in the first place. Billionaires are shamelessly buying influence on the Court. While seven Justices rejected this specific attempt by plutocrats to avoid their patriotic duty, this does not change the fact that several members of the Supreme Court have corrupt relationships with billionaire benefactors looking to purchase outcomes on the Court.”

For additional information or interview requests, please contact Emily McCloskey at emily@patrioticmillionaires.org.

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