Today, 11 rogue Democrats are continuing their fight to block progress for the entire nation in order to ensure that the wealthiest people in the country continue to receive preferential treatment in the tax code. If the current House Ways and Means Committee proposal becomes law, billionaires in America will pay a lower tax rate than working people and inequality, the root cause of social … Continue reading Patriotic Millionaires Letter to White House Demands Further Tax Hikes on Millionaires
This week The US Chamber of Commerce released a study that attempted to show that taxing carried interest as normal income would lead to massive job loss, a decrease in tax revenue, and an overall reduction in investment. But while Chamber lobbyists are sure to use this so-called “study” to try to convince lawmakers to preserve the carried interest loophole, in reality this document is … Continue reading The Lies in The Chamber of Commerce’s Carried Interest Report
For what seems like the hundredth time this year, COVID relief bill negotiations are apparently back on, but key differences remain between the two sides, leaving many skeptical that Congress will ever reach a deal. Speaker Pelosi is adamant about providing relief to state and local governments, while Leader McConnell refuses to budge on liability protection for any company whose employees contract the coronavirus – … Continue reading Time for More Stimulus Checks
Today, November 3, 2020, is Election Day in America. Though this day feels more fraught than many past ones thanks to disturbing remarks from President Trump trying to cast doubt on the election results and the looming threat of the COVID-19 pandemic, there’s no reason to be alarmed if the result of the election isn’t immediately clear tonight. We may not know the results of … Continue reading Be Patient, Democracy Takes Time
After one of the most unconventional processes in American history, Judge Amy Coney Barrett has been confirmed and sworn in as the newest justice on the U.S. Supreme Court. This means that a president who received 3 million fewer votes than his opponent and a Republican-led Senate that represents 15 million fewer Americans than the Democratic “minority” have seized a Conservative supermajority on the Court. … Continue reading The Supreme Court’s Threat to Democracy
Unless you’ve been living under a rock for the past week, you’ve certainly heard the news that President Trump, along with several high-profile White House staffers and Republican Senators, has been infected with COVID-19. What you probably haven’t heard about are the ordinary working folks in Trump’s orbit that have also been infected with the virus. At least two members of the White House housekeeping … Continue reading Two Pandemics in the White House
Yesterday morning, the New York Times released a damning report on President Trump’s tax returns, detailing how the President has avoided millions of dollars on his tax bill for the past decade, despite continuing to wrack up millions every year. Much of the attention garnered by the report has focused on the fact that the meager $750 Trump paid in taxes in each 2016 and … Continue reading President Trump’s Tax Returns Are Bad. You Can Thank the Tax Code.
As the COVID-19 crisis rages on, almost every state is now facing a choice between cutting public services or finding new sources of revenue to meet their sudden budget shortfalls. Most states have responded by enacting severe, harmful austerity measures, like cutting funding for healthcare, education, and other social services that millions of people rely on. But last week, New Jersey became one of the first … Continue reading Myth Busting: The Millionaire Tax Flight
At this moment, millions of Americans are unable to feed themselves and their families. Over 54 million citizens of the richest country in the world are projected to experience the pain of food insecurity this year.
Labor Day weekend is just around the corner. For lots of folks, this holiday is an excuse to have a cookout and enjoy the end of summer, and that’s not a bad thing at all. Using that day for rest and relaxation – instead of work – is exactly the point of Labor Day. But it’s also important to remember the roots of the holiday … Continue reading Labor Day Is More Than Just A Holiday
California is in crisis. From wildfires, to blackouts, to the deadliest month of the COVID pandemic, disasters of every kind are wreaking havoc across the state. Now with the state facing a $54 billion dollar deficit, due to the economic ramifications of COVID, massive cuts to critical public programs are slated to go into effect come October. That’s only going to make a bad problem … Continue reading Instead of taxing the rich, the California legislature jumped ship
With both the Democratic and Republican National Conventions behind us, the 2020 election is finally, really, underway, ushering in the final sprint in a race for the White House with profound economic implications. After four years of President Trump, we have a clear sense of what he wants to do with our tax code – cut taxes for millionaires, billionaires, and corporations. Considering that the … Continue reading Biden’s Tax Plan Doesn’t Go Far Enough
A year ago, in a time before the Coronavirus upended our economy and made taxing the rich more urgent than ever before, the idea of a wealth tax was all the rage in the 2020 Democratic presidential debates. First introduced by Senator Elizabeth Warren (D-MA), a wealth tax would go miles towards curbing our country’s inequality by laser-targeting extreme wealth held by the likes of … Continue reading In Wealth Tax, California Looks Toward the Future
This marks the second week since the tumultuous negotiations between Congress and the White House over a fourth COVID-19 stimulus package fell apart. With the Senate on vacation, there is no end to the stalemate in sight. We need a bill now. The $600 unemployment boost and a litany of renter protections expired last month, leaving between 30 to 40 million people on a financial … Continue reading Congress Failed State and Local Governments. Here’s How They Can Fix It.
After the White House ran out the clock on negotiating the next COVID-19 relief bill last week, President Trump enacted four new executive orders to try to circumvent Democrats’ demands. These new orders are largely unconstitutional, and they amount to nothing more than posturing without meaningful substance. One of the key orders arose from Trump’s oft-touted desire to pass a payroll tax cut, which had … Continue reading A Payroll Tax Cut is the Worst Stimulus Yet
On March 12th, the lights went out on Broadway when Gov. Andrew Cuomo ordered the theaters to close. The same day, other institutions such as the Metropolitan Museum of Art, the Guggenheim, Carnegie Hall, and the New York Philharmonic announced that they would close too, while performances were canceled across the country in places like California, Chicago, Washington, D.C., and Boston. With Broadway fully shuttered … Continue reading Want to Save the Economy? Save the Arts First.
On Monday, Senate Republicans released the details of the HEALS Act, their version of a fourth coronavirus relief package – a version that offers too little, too late. The bill is a pathetic and morally bankrupt response to the numerous crises currently plaguing Americans. Below, we go over what’s in the bill, including exclusions that are desperately needed in the next recovery package, and where … Continue reading Too little, too late: A breakdown of the HEALS Act
If you think back to the beginning of the COVID-19 crisis in the US in March, you might remember all the doomsday headlines about the stock market tanking to record lows and investors losing millions of dollars as a result. Three months later, those headlines have entirely disappeared, and there’s a reason for that: the stock market has recovered almost all of the losses incurred … Continue reading A Wealth Tax Is the Perfect COVID Stimulus Measure
The U.S. has been mired in the worst recession in most Americans’ lifetimes since late February, according to top economists. From the highest rates of unemployment in our country’s entire history to miles-long lines at food banks, it’s obvious that millions of Americans are in dire financial straits. One would expect, then, that the poverty rate in America would also be skyrocketing. However, multiple studies … Continue reading A Closer Look: Mid-Recession, Why Aren’t Poverty Rates Skyrocketing?
As cities across the US continue to see a swath of uprisings in response to the murders of George Floyd and Breonna Taylor by police, our country is being forced to reckon with its racist foundations and systems. That’s long overdue, and there is much more work to be done than what we’ve seen in the past month or so, but the Patriotic Millionaires welcome … Continue reading Anti-Racism & Wealth: Putting Your Money Where Your Mouth Is