From time to time, a news story about a very wealthy individual doing something very kind with their money goes viral. Billionaire Robert F. Smith recently paid off the student debt of the entire Morehouse College class of 2019. Hamdi Ulukaya, CEO of Chobani, paid off student lunch debts for an entire Rhode Island school district. Last year, Patagonia CEO Rose Marcario pledged to donate … Continue reading Rich People’s Charity Won’t Save The World
The legacy of slavery and years of segregation have left a colossal wealth gap between white and black families that disadvantages Black Americans to this day. Slavery might be over, but millions of Black Americans are still feeling its effects.
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?
When Donald Trump campaigned for President he promised to get rid of the carried interest loophole, saying that ‘hedge fund managers are getting away with murder.’ A year later he said he’d get rid of this loophole that’s been “so good for Wall Street investors”. Now, yet again, Trump has promised that he will close the carried interest loophole after enshrining it into law under … Continue reading When Are You Removing the Carried Interest Loophole, Mr. President?
Last week, former Louisiana Governor Bobby Jindal published an op-ed in the Wall Street Journal bemoaning popular support for progressive policies that seek to expand the social safety net to support millions of Americans, arguing that these people don’t understand the “true cost” of such policies and that Republicans need to “make the case for freedom.” Let’s make that case for freedom. It starts by … Continue reading Who Has Freedom in the American Economy? Increasingly, Just the Rich
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
There’s a plumbing problem in Cupertino, California, and the stench emanates from the fabled Space Ship corporate headquarters of one of the richest, most valuable companies in the world. Reminds me of a 500 year old apartment in France I once rented, but, this case, its a 22 year old tax deal that makes my stomach queasy. I did primal code at NeXT, release after … Continue reading Apple’s Foul Odors
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.
We do things together for a reason. We act as a society to take care of the things we can’t fix ourselves.
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
Opportunity Zones are a great idea — if your goal is to ensure that rich real estate investors never need to pay any taxes at all.