We must make painful choices, the New York Times’ editorial board scolds us. Why? Because otherwise we’ll be borrowing too much. And borrowing is expensive! Since the essence of the Times’ editorial is about money, let’s think for a moment about what “money” means. Money could be the paper currency in your wallet. But it is more likely to be your checking account balance, that … Continue reading Our View: New York Times’ Austerity Recommendations Are Unwise
It’s a monumental day at the Patriotic Millionaires! Today, with support from our organization and a number of our allies, Representatives Barbara Lee (CA-12), Summer Lee (PA-12), Rashida Tlaib (MI-13), and Jamaal Bowman (NY-16) introduced the Oppose Limitless Inequality Growth and Reverse Community Harms (OLIGARCH) Act, which will create an annual wealth tax focused exclusively on containing destabilizing inequality in America and ensuring the viability of … Continue reading Pass the OLIGARCH Act. Save democracy.
Last Friday, the Screen Actors Guild (SAG-AFTRA) – a union representing nearly 160,000 Hollywood actors – went on strike. They joined members of the Writers Guild of America (WGA) – a union representing 11,000 Hollywood writers – who have been on strike since May. This is historic. Hollywood writers and actors haven’t been on strike together since 1960, when none other than Ronald Reagan led the SAG as its … Continue reading Lights, camera, strike!
The Supreme Court has been on a roll lately, but, unfortunately, not in the right direction. On June 29, the conservative majority on the Court voted to strike down affirmative action admissions policies at our nation’s colleges and universities. (Click HERE to read the Patriotic Millionaires’ response to the decision.) The next day, June 30, the same majority then voted to block the implementation of President Biden’s student loan forgiveness program. … Continue reading Get ready for Moore trouble with the Supreme Court
Our group has made quite a splash across the pond! Last Friday, The Guardian published an article – Super-rich warned of ‘pitchforks and torches’ unless they tackle inequality – about what went down at a recent investment conference put on by Spear’s Magazine in London. One of our UK members, Julia Davies, warned the attendees, over 500 members of the global rich and their financial advisors, that if they … Continue reading We made quite a splash across the pond!
The upcoming budget fight this fall will set the stage for 2025, when many of the absurd and regressive tax cuts from Trump’s 2017 Tax Cuts and Jobs Act expire. As we’ve noted previously, 2025 will be a make-or-break moment for our tax code. Depending on who controls the White House and Congress, it may be a chance to – finally – reform tax policy … Continue reading Setting the stage for 2025
My name is Bob Lord and I’m the Patriotic Millionaires’ Senior Advisor on Tax Policy. Before my time here, I practiced tax law for forty years and also ran for Congress back in 2008. We usually write this newsletter in the collective voice of the Patriotic Millionaires’ membership. This week though, I’d like to take the reins and give you my perspective on the new … Continue reading The real reason we want to raise taxes on the rich
In the lead up to the 1992 Presidential election, James Carville famously coined the phrase “It’s the economy, stupid.” It soon became a mantra for Bill Clinton’s successful campaign. That was thirty years ago. With how much our country has changed since then, we’d like to suggest updating the famous refrain to “It’s the inequality, stupid.” Economic inequality has exploded in the US since Bill Clinton took office. … Continue reading It’s the inequality, stupid
Last week, the Supreme Court dealt yet another blow to unions and working people across the country. For this week’s Closer Look, we want to tell you all about the Court’s latest decision and what it means for the future of labor in America. In Glacier Northwest v. International Brotherhood of Teamsters, the Court’s majority ruled in favor of Glacier Northwest, a concrete company based in … Continue reading The Supreme Court just dealt a blow to workers
The debt ceiling crisis may soon be over. Just a few days ago, President Biden and House Speaker McCarthy struck a deal to suspend the debt limit and freeze federal spending over the next two years, and the House is set to vote on, and likely pass, this deal this evening. But while the US may narrowly avoid a default, we don’t think this deal is cause for celebration. … Continue reading Cutting through the spin around the debt ceiling deal
Dear Mr. Musk: I know you’ve been getting a lot of unsolicited advice about Twitter lately but nobody is asking the question that keeps running through my mind: who will inherit Twitter after you’re gone? Since you’re only 51, you might think the question premature, but as a behavioral economist who studies bequests, I think there is a lot to be said for considering your … Continue reading An Open Letter to Elon Musk
It’s been a full decade now since I first predicted or, really, warned, that America would have its first trillionaire before 2040. I stand by that warning today. Unfortunately, everything I said ten years ago has aged well. Too well, in my opinion. I explained how tax policy was supercharging the accumulation of obscene fortunes in America. Policy makers, I noted, had lifted the lid … Continue reading The First Trillionaire: No Cause for Celebration
Republicans are holding the economy hostage by refusing to raise the debt ceiling for one reason and one reason only: their determination to slash federal spending and make the poor poorer. President Biden and House Speaker McCarthy are still negotiating a deal to raise the debt ceiling before June 1, as Treasury Secretary Janet Yellen warned Congress yesterday that it is highly likely that the federal government will run … Continue reading Work requirements make the poor poorer
There is perhaps no greater symbol for our current age of extreme wealth, inequality, and environmental devastation than private jets. Earlier this month, the Patriotic Millionaires co-released a report – High Flyers 2023: How Ultra-Rich Private Jet Travel Costs the Rest of Us and Burns Up Our Planet – with the Institute for Policy Studies about the negative impacts of the private jet industry on … Continue reading High Flyers – The Cost of Private Jets for the Rest of Us
As President Biden and Speaker McCarthy wrap up a meaningless, unproductive meeting about the debt ceiling, the Patriotic Millionaires would like to offer our perspective on the absurdity masquerading as serious discussion among lawmakers and members of the media. Biden and the Democrats can’t rely on Republicans to come to their senses and do the right thing anymore. If Republicans are willing to let the … Continue reading Biden must not blink on the debt ceiling
Workers in America have made some strides over the last few years, but unfortunately the road to real and lasting economic security remains long. With a debt ceiling crisis poised to potentially crash the global economy, and the Federal Reserve willing to push millions of Americans out of work to combat inflation, there’s a lot of work to be done to ensure that the gains of the last … Continue reading There’s still work to do with wages
Last week’s 2023 Annual Spring Meeting was a smashing success! Over the course of two days, we hosted policymakers, experts, and activists in conversations about the need to restructure the economy to reduce inequality, and held dozens of meetings with key lawmakers on Capitol Hill to advocate for higher taxes on ourselves and other wealthy Americans. While we were hard at work fighting to transform … Continue reading Why We Don’t Just Send a Check to the IRS
Happy Tax Day! For millions of Americans, today is the last day to file federal, state, and local taxes. (If you haven’t already filed, get cracking!) But Tax Day is more than just a filing deadline – it’s the one day a year when everyone in America is thinking about taxes, and is an annual reminder of just how skewed in favor of the rich … Continue reading Patriotic Millionaires Head to Washington for Tax Day
Next week is Tax Day, and you know what that means… ….(yes, you need to stop procrastinating and file your taxes, but that’s not what we’re talking about)…. …The Patriotic Millionaires are holding our Annual Spring Meeting! Every year around Tax Day, the members of Patriotic Millionaires host a conference in Washington, D.C. to gather economic justice advocates, top experts, and lawmakers to discuss how … Continue reading American Agenda (The Money Part)
As Tax Day approaches, it’s a good time to examine some myths about how people – and the wealthy in particular – respond to higher taxes. As we all know, tax rates differ from state to state, in some cases dramatically. According to a report released last week, residents in New York, Hawaii, Maine, Vermont, Connecticut, New Jersey, and Maryland have the highest tax burdens in the … Continue reading Why Patriotic Millionaires Love High-Tax States