Happy Juneteenth!

Happy Juneteenth! Today marks the third year that the United States has celebrated Juneteenth – which commemorates the final enforcement of the Emancipation Proclamation in Galveston, Texas at the end of the Civil War – as an official federal holiday. Juneteenth is an opportunity to appreciate the progress we’ve made on the path toward racial justice over the last 159 years. In doing so, we see plainly … Continue reading Happy Juneteenth! »

What is Democracy Worth to Billionaires?

We’ve always wondered how much billionaires would be willing to pay for American democracy, and now we have the answer: $4.6 trillion. Last Thursday, Donald Trump became the first former president to be convicted in a criminal trial after a Manhattan jury found him guilty of falsifying business records to conceal a hush-money payment to a porn star. It’s too early to tell what kind of impact … Continue reading What is Democracy Worth to Billionaires? »

What’s behind America’s “vibecession”?

It’s the biggest political head-scratcher of the season: President Biden has gotten a lot of questions right on traditional economic tests, but voters refuse to give him passing marks. By all conventional measures, the economy under Biden has thrived. Since Biden took office, 15 million jobs have been created. Unemployment has been below 4% for two and a half years – the longest stretch in over fifty years. Inflation … Continue reading What’s behind America’s “vibecession”? »

Political Power Cannot be a Family Heirloom

Family businesses – from restaurants to hardware stores to plumbing companies to hair salons – make up the beating heart of America. But when the “family business” is wielding unfathomable wealth to influence our democracy, it becomes a problem. Last week, our allies at Americans for Tax Fairness (ATF) published a report, “The Billionaire Family Business,” which revealed the enormous sums that billionaire families have … Continue reading Political Power Cannot be a Family Heirloom »

Happy May Day!

The United States may not officially recognize International Workers’ Day – more commonly referred to as May Day – but the Patriotic Millionaires will never skip an opportunity to celebrate the achievements of workers and their contributions to America and our economic prosperity. May Day is recognized as an official public holiday in most countries around the world and is traditionally celebrated on May 1st every … Continue reading Happy May Day! »

The Cold Hard Facts about the TCJA

If you’re a regular reader of our newsletter, you know how often we talk about the Tax Cuts and Jobs Act (TCJA), which is former President Trump and Republicans’ signature tax bill from December 2017. And if you know how much we talk about the TCJA, you know how often and how loudly we say the package delivered a massive windfall to the ultra-wealthy and corporations. We … Continue reading The Cold Hard Facts about the TCJA »

The G20 must act. Tax us, the super rich!

The Patriotic Millionaires have a message that the G20 finance ministers literally can’t miss: “The G20 must act. Tax us, the super rich! We are proud to pay more.” The leaders of the world’s leading economies are in town for the Spring Meetings of the International Monetary Fund (IMF) and World Bank. So naturally, we took it upon ourselves to project our simple message onto the … Continue reading The G20 must act. Tax us, the super rich! »

Corporations are Supercharging Inequality

We always knew that corporations and their C-suite executives were hoarding profits and driving inequality through the roof, and now our friends at Oxfam, the Institute for Policy Studies, and Americans for Tax Fairness have fresh data to prove it. This week, Oxfam published its analysis of the largest 200 public companies’ contributions to inequality in the US, aptly called the Corporate Inequality Footprint. In short, … Continue reading Corporations are Supercharging Inequality »

Taxes are having a moment

Taxes are having a moment. Tomorrow night, President Biden will deliver his annual State of the Union address before both houses of Congress. He is expected to touch on a number of critical issues, but early reports suggest the President will emphasize economic populism, and in particular, call for the ultra-wealthy and corporations to pay more in taxes. In what may be his biggest televised appearance before … Continue reading Taxes are having a moment »

You’re Not Imagining It

No, you’re not going crazy: your favorite snacks and household products really are diminishing in both size and quality. The new phenomena of “shrinkflation” and “skimpflation” are very real, and they are becoming huge problems for millions of working Americans. Although inflation has cooled considerably since its peak in 2021 and 2022, prices are still ticking up at a faster rate than they were before the COVID … Continue reading You’re Not Imagining It »

If Durbin Crows About Subpoenas, He Needs to Issue Them

It’s encouraging that the Senate Judiciary Committee has decided to get to the bottom of questions regarding billionaire influence and corruption at the Supreme Court. Now, it’s time they rolled up their sleeves and got their hands dirty to actually make it happen. The last time that we told you about the ethics controversy at the Supreme Court was back in August. We outlined a number of … Continue reading If Durbin Crows About Subpoenas, He Needs to Issue Them »

Congress is Trading Horses. Kids are Losing Out.

Republicans and Democrats have been engaging in some horse trading on tax policy lately, but the deal, in its current form, provides corporations – already flush with cash – a massive tax break while working families will see only a modest extension of the Child Tax Credit. Two weeks ago, Senate Finance Committee Chairman Ron Wyden (D-OR) and House Ways and Means Committee Chairman Jason … Continue reading Congress is Trading Horses. Kids are Losing Out. »

The Definition of a Trillionaire

As of this writing, Merriam-Webster’s dictionary does not have a definition for the word “trillionaire.” But they may want to start drafting one because experts are predicting we’ll need it in about 10 years’ time. Last week, we told you about Oxfam’s new eye-popping report, Inequality Inc. All of the top-line findings were jaw-dropping, but one in particular has generated a significant amount of buzz: if … Continue reading The Definition of a Trillionaire »

Proud to Pay More

If there’s one thing that we want the world leaders at Davos to know, it’s this: we would be proud to pay more in taxes. This week, over 2,800 elites from business, academia, politics, civil society, and the arts are attending the World Economic Forum Annual Meeting in Davos, Switzerland – better known as simply “Davos.” The theme of this year’s conference is “Rebuilding Trust,” with many discussions centering around geopolitical … Continue reading Proud to Pay More »

The Solution to Biden’s Problems? The Minimum Wage

If President Biden and the Democrats are looking for a political winner as campaign season gets underway, they should look no further than the minimum wage. We shared the good news with you last week that 22 states and 38 localities across the country officially increased their minimum wages on January 1, which will give 10 million workers a total of $7 billion in increased wages. By the end … Continue reading The Solution to Biden’s Problems? The Minimum Wage »

The Year Ahead

Happy new year! We hope that you had a wonderful holiday season and that your new year has begun with notes of hope and joy. Like everyone else, the Patriotic Millionaires are using the start of a new year to take stock of our priorities and map out the challenges – and opportunities – we anticipate in the year ahead. For this week’s Closer Look, … Continue reading The Year Ahead »

‘Tis the Season for Sticker Shock

‘Tis the season for holiday sticker shock! As Americans finish the last bits of their holiday shopping, they are feeling the heat of higher prices. Thankfully, inflation has certainly cooled down since last year: the Consumer Price Index rose 3.1% over the year ending in November 2023, compared to a 7.1% rise over the year before. But unfortunately, while prices for groceries, gas, rent, and other essentials aren’t rising … Continue reading ‘Tis the Season for Sticker Shock »

Republicans’ Track Record on Tax Evasion is Abysmal

Last week, President Biden’s son Hunter was indicted on nine counts of tax evasion by David Weiss, the special counsel leading an investigation into Hunter’s business dealings. The 56-page indictment alleges that, between 2016 and 2019, Hunter failed to pay at least $1.4 million in federal taxes, and instead used the millions he received in income over that period to fund an “extravagant lifestyle.” Republicans who see the Biden … Continue reading Republicans’ Track Record on Tax Evasion is Abysmal »

Meet America’s New Aristocracy

Oh, to be a billionaire in 2023 – but particularly one born with a silver spoon in their mouth. You’ve heard the Patriotic Millionaires talk about how billionaires took advantage of the COVID-19 pandemic to dramatically enrich themselves while workers got slammed. To sum it up quickly, the global billionaire class increased their collective wealth by a whopping $2.6 trillion between 2020 and 2022. But what has … Continue reading Meet America’s New Aristocracy »

Unions are on a roll

The labor movement roared back to life this year, and everyone from factory floors to C-suite offices has taken notice. Yesterday, the Senate Health, Education, Labor, and Pensions (HELP) Committee conducted a hearing about the resurgence of unions in America. In his opening remarks as Chairman, Senator Bernie Sanders (I-VT) highlighted the 450,000 union workers that have gone on strike this year for better wages, benefits, and working conditions – a … Continue reading Unions are on a roll »