Category Archives: Uncategorized

Earth to Davos! Tax the Rich

This week, nearly 2500 world leaders are gathering in Davos, Switzerland for the World Economic Forum Annual Meeting – better known as simply “Davos.” This is the first time since the start of the pandemic that international elites have gathered together in person for the annual conference. At Davos, some of the world’s richest and most powerful people gather in exclusive private meetings to discuss how to … Continue reading Earth to Davos! Tax the Rich »

The Supreme Court is Wrong on Campaign Finance

If recent years have taught us anything, it’s that our democracy is fragile and needs to be protected. But earlier this week, the Supreme Court did the opposite. The Court ruled on Monday in a case involving Texas Senator Ted Cruz that campaign donors should be allowed to replenish political candidates’ personal wealth after election campaigns have concluded. This decision effectively opens politicians up to … Continue reading The Supreme Court is Wrong on Campaign Finance »

We need to tackle excessive CEO pay and wealth

Yesterday, The Wall Street Journal released a new bombshell report on the record-breaking rise in CEO pay. For this week’s Closer Look, we want to highlight some of the report’s biggest findings and the ways in which they underscore the urgent need to tackle excessive CEO pay and wealth in America. According to the report, median pay for CEOs at American S&P 500 companies rose to … Continue reading We need to tackle excessive CEO pay and wealth »

Want to keep workers around? Pay them more

In case you missed it, the Bureau of Labor Statistics released its April jobs report last week. For today’s Closer Look, we’d like to highlight both the good news and the bad news from the report and offer our take as to what can be done about the bad news. The good news is that the economy continues to rebound from the pandemic. Last month, no … Continue reading Want to keep workers around? Pay them more »

Why I Am A Patriotic Millionaire: Jeff Huggett

At some point in everyone’s life they’ve been asked the hypothetical question, “So what would you do if you didn’t have to work for a living?” And for most of my life, that question was nothing more than an interesting thought experiment. Just something nice to think about, but of course I’d never achieve anything like that. So it came as a surprise to me … Continue reading Why I Am A Patriotic Millionaire: Jeff Huggett »

Corporations are bragging about inflation price-gouging

Rising inflation continues to dominate headlines at home and around the world. There is simply no getting around the fact that prices for rent, groceries, gas, and other everyday essentials continue to rise and break records. As our wallets feel the squeeze at the grocery store and the gas pump, it’s easy to be misled by pundits providing convenient scapegoats like a “red-hot labor market” and … Continue reading Corporations are bragging about inflation price-gouging »

Facing Inflation, Congress Must Raise the Minimum Wage

Nearly everyone is feeling the effects of inflation these days. With an 8.5% inflation rate over the last year, prices are rising in almost every sector of our economy, and millions of American families are having a harder time affording the essentials. While this is a widespread crisis, it’s one that is particularly devastating for our nation’s low-wage workers. The federal minimum wage currently sits … Continue reading Facing Inflation, Congress Must Raise the Minimum Wage »

Secure Act 2.0: Further Bastardization of Good Legislation to Benefit the Rich

In its original form, the Employee Retirement Income Security Act of 1974 (ERISA) and its offshoots, including individual retirement accounts (IRAs), was an extraordinary piece of legislation. It created vehicles for workers not covered by pensions to save for retirement on a tax-advantaged basis. They could establish an IRA simply by filling a form.  Unfortunately, over the years, ERISA’s were hijacked by Wall Street. What … Continue reading Secure Act 2.0: Further Bastardization of Good Legislation to Benefit the Rich »

Musk’s Twitter buyout is all about billionaire power

Yesterday, Twitter accepted a $44 billion buyout offer from Elon Musk, the CEO of Tesla and SpaceX and richest man in the world. The buyout will take one of the world’s largest and most popular social media platforms private. The news has dominated headlines around the world since it broke. While politicians and media pundits have largely been discussing how the move will impact the future of Twitter itself … Continue reading Musk’s Twitter buyout is all about billionaire power »

Why Billionaires Don’t Stress About Tax Day

This past Monday was Tax Day, which is undoubtedly no American’s favorite holiday. But the pain of Tax Day is not shared by all. While the typical American pays a good amount of every paycheck in taxes and hopes to get a refund after submitting their return, the ultra-wealthy have a variety of tools at their disposal that allows them to keep Tax Day virtually … Continue reading Why Billionaires Don’t Stress About Tax Day »

This Tax Day, It’s All About Billionaires

In case you missed it (and we hope you didn’t), yesterday was Tax Day in America. It was the last day for millions of Americans to file their federal, state, and local tax returns for the 2021 fiscal year. Most Americans dutifully pay their fair share in taxes by the tax filing deadline every year but, unfortunately, there is one group of people that notoriously … Continue reading This Tax Day, It’s All About Billionaires »

So who are the wealthy in America, anyway?

In case you missed it, Forbes released their 2022 World’s Billionaire List last week. According to their research, there are now 2,668 billionaires around the world who boast a collective wealth of $12.7 trillion. The United States is home to 735 of them, with a combined worth of $4.7 trillion. It’s obvious that America’s billionaires are really wealthy, but it can sometimes be difficult to appreciate just … Continue reading So who are the wealthy in America, anyway? »

The New Generation Labor Movement

After a four-decade-long onslaught of anti-union propaganda at the hands of mega-corporations, we are finally beginning to see a resurgence of the American labor movement. Labor unions have historically used the power of collective bargaining to demand many of the rights we now take for granted. Things like the 40-hour workweek, overtime pay, workplace safety regulations, and the right to organize and negotiate with employers … Continue reading The New Generation Labor Movement »

Manchin needs to get behind the Billionaire Minimum Income Tax

Yesterday, President Biden and the White House unveiled their $5.8 trillion budget request for the 2023 fiscal year. There are many parts of the budget that are garnering headlines, but the most exciting is clearly Biden’s “Billionaire Minimum Income Tax” proposal. The Billionaire Minimum Income Tax would institute a 20% minimum tax rate on incomes for households worth $100 million or more. It would only affect the top 1% … Continue reading Manchin needs to get behind the Billionaire Minimum Income Tax »

Billionaire Wealth is Better Than Ever

You’ve heard it from us before, but it still stands to be repeated – while millions of working people’s lives have been devastated by the last two years, the richest Americans are doing better than ever. Billionaire wealth has more than doubled and both corporate profits and corporate executive pay have hit record highs, all while the living conditions of most Americans have remained stagnant … Continue reading Billionaire Wealth is Better Than Ever »

Get dark money out of our democracy

Confirmation hearings for Judge Ketanji Brown Jackson, President Biden’s pick to replace Justice Stephen Breyer on the US Supreme Court, began yesterday in the Senate Judiciary Committee. The hearings will continue the rest of the week, after which the Committee will vote on whether to send her nomination to the full Senate for consideration. To the surprise of absolutely no one, most Republican Senators are … Continue reading Get dark money out of our democracy »

How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest

Bob Lord, a tax policy Senior Advisor for the Patriotic Millionaires, recently published a piece in inequality.org titled “How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest.”  In this piece, Bob contends that the reason the richest in America have never been richer is because the American tax system has failed to place a check on the ultra-rich’s wealth growth. Over the … Continue reading How to Fix America’s Roundabout, Badly Broken System for Taxing our Richest »

State Income Tax Cuts are Handouts to the Rich

With negotiations over President Biden’s Build Back Better agenda completely stalled, there unfortunately haven’t been many developments on the tax front on Capitol Hill these days. There have, however, been significant developments in tax policy on the state level, and not for the better. Many states have found themselves flush with cash as the economy rebounds from the pandemic; jobs have grown and consumers are … Continue reading State Income Tax Cuts are Handouts to the Rich »