Last week, the Securities and Exchange Commission (SEC) adopted Regulation Best Interest, sold as a measure to protect everyday Americans’ retirement accounts from shady brokers. In reality, it’s a watered-down reboot of the Obama administration’s fiduciary rule, which was axed in 2017. The original fiduciary rule set concrete requirements to make sure retirement advisers put their clients ahead of their own profits and disclosed key … Continue reading Protect Retirees From Profiteering Vultures
This Sunday, June 16th 2019, Congress will add a dubious new record to its long history. This date will mark the longest ever period that the legislature has gone without raising the minimum wage since it first enacted a federal wage floor in 1938. Congress enacted the last hike, to the current minimum of $7.25 an hour, on July 24th, 2009. That means it’s been … Continue reading The Economy Has Changed. Why Hasn’t the Minimum Wage?
Most Americans pay taxes every other week. Part of every paycheck is withheld, then they file taxes in April to account for the difference. Rich people file a tax return in April too, but in any given year they are probably not paying any taxes on a huge part of the increase in their personal wealth. That’s because the majority of a rich person’s “income” … Continue reading Rich People Should Pay Their Taxes Every Year Too
On Wednesday, May 15th, Patriotic Millionaire Abigail Disney appeared before the House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets to testify on out-of-control executive compensation in corporate America.
Filing your taxes can be time-consuming, confusing, and expensive. That’s no accident.
The saga of Boeing’s failed 737 Max has been continuously in and out of the news since the horrible crashes involving the aircraft in Ethiopia and Malaysia. This is somewhat unusual for a media environment with such a short attention span, but there’s a reason Boeing’s failure is the story that just won’t go away. The more that investigators and journalists dig into the crashes, … Continue reading Negligence, Corruption, and the 737 Max: Boeing Shows the Rot in Our Regulatory System
California residents are being held hostage, and local cities are paying their ransom. The culprits? Wealthy corporations.
When Floridians voted yes on Amendment 4 last year, they spoke loud and clear: 65% voted to restore voting rights for Floridians who completed a felony sentence (except for felony sex crimes and murder), opening the door for over 1.5 million disenfranchised Floridians to regain their voting rights. But on Wednesday, the Florida House passed a measure requiring those with felony convictions to pay up … Continue reading Florida Republicans Are Bringing Back Poll Taxes
Tax Day has come and gone, and Americans are still trying to make heads or tails of their taxes this year. But for many large corporations, the picture is much clearer: 60 Fortune 500 companies paid absolutely nothing in federal taxes this year. That’s twice as many as last year, and the GOP’s tax law is to blame. Huge corporations have moaned about the old … Continue reading 60 Huge Corporations Skipped Taxes in 2018
Today, April 22nd, 2019, is Earth Day. Right now, according to a coalition of the most knowledgeable scientists from across the world, we have less than 11 years to cut our emissions in half if we have any hope of stopping the most devastating, nature-collapsing consequences of climate change. While scientists and politicians (rightly) talk about renewable energy sources, carbon capture technologies, and climate mitigation, … Continue reading An Unequal Country Can’t Fight Climate Change
Under the Trump administration’s proposed 2020 budget, over 750,000 Americans stand to lose Supplemental Nutrition Assistance Program (SNAP) benefits, better known as food stamps. The new rules would require all able-bodied adults without dependents to prove that they are working to receive this critical assistance, regardless of local job market conditions or other key factors. The average SNAP benefit is $126 a month per person. … Continue reading Nickel-and-Diming the Poor, Freebies for the Rich
It’s Tax Day, so by now Americans have had a chance to see how their filings stack up against Trump’s promises. Working folks are largely unimpressed, but millionaires like us made out like bandits. When Republicans pitched the Tax Cuts and Jobs Act of 2017 (TCJA), they sold it as a tax break for the middle class, but despite lower income tax rates and a … Continue reading Thanks, But No Thanks: Stop Bleeding the Middle Class to Cut Our Taxes
Whether it’s democratic socialist Rep. Alexandria Ocasio-Cortez (D-NY) campaigning for it on Twitter or angry pundit Tucker Carlson foaming at the mouth about it on his nightly Fox News show, everyone is talking about taxing the rich. This is an issue that is set to dominate American political debate heading into the 2020 elections. In that spirit, the Patriotic Millionaires are launching a multi-year, multi-platform … Continue reading The Patriotic Millionaires Present: TAX THE RICH! Livestream
Let’s take a closer look at these plans to fix the estate tax and why they’re exactly the kind of tax plans that this country needs.
“Ultimately, progress must come from all corners of society.” Those words came from an unlikely source on Tuesday, when Genna Gent, Vice President of Government Relations for McDonald’s, sent a letter to the National Restaurant Association announcing that the fast-food behemoth would no longer lobby against minimum wage increases at federal, state, or local levels. Instead, she said, the company would move to “advance – … Continue reading The Golden Arches Stand Down in the Fight for $15
While the country’s eyes have been turned towards the big, bad federal budget for the past week, there’s an important fight brewing in New York over the state’s own budget, due on April 1st. This disagreement pits New York Governor Andrew Cuomo and a small group of lawmaker holdouts against the will of the majority of New Yorkers in a battle to include higher taxes … Continue reading An Ultra-Millionaire Tax Will Make New York Better. Why Is Cuomo Resisting?
There is no amount of money that equals the worth of a human life. This should be the preface to every debate we have about our gun laws in this country, and the only afterword to every mass shooting. It is what we should remind ourselves of, shamefully, when our government does absolutely nothing to stop the next shooting because of the stranglehold that the … Continue reading Campaign Finance Reform Will Literally Save Lives
In the wake of the rampant, widespread cheating uncovered in last week’s college admissions scandal, there’s been a renewed focus on the different admissions standards that money can buy. This has been a well-documented problem for years, but it seems like the scale of this latest scandal is sparking some new proposals to tackle this issue head-on. On Wednesday, Senator Ron Wyden (D-Oregon) announced his … Continue reading Getting Serious About Higher Education Inequality
The Maryland Senate made a crucial step forward in ensuring the economic security of its labor force this week, when it approved a hard-fought bill to raise the state’s minimum wage to $15 for most workers by the end of 2025. Though organizers and labor groups have been tirelessly fighting for this for years, this is the first time a bill to raise the wage … Continue reading Maryland In Final Stretch For $15 Minimum Wage
It’s been well noted by now that the Trump administration’s budget proposal released on Monday is a blatant cash grab that would transfer trillions from the poorest in American society to the ultra wealthy. It does this by gutting public services in order to fund extensions for the reckless, unnecessary tax cuts the administration gave to wealthy Americans in 2017. For the normal people in … Continue reading All the Awful Cuts (So Far) in the Trump Budget