Corporate monopolies have been receiving get-out-of-jail-free cards for too long in America. The Justice Department and the Federal Trade Commission are finally stepping up to challenge this wildly rigged economic board game. Over the last month, the Biden administration has lodged suits against two corporate behemoths, Google and Amazon, over accusations of illegal monopolistic practices. The suits failed to attract a level of media attention befitting the scale … Continue reading Monopolies are for board games
The boardroom at Amalgamated Bank is named after Sidney Hillman. As you enter through the vestibule, you’ll notice an impressively large plaque with the names of the founders of Amalgamated. The room itself has perhaps twenty seats around the table, and another dozen or so against the walls. The East side of the room has a giant screen and a camera for video conferences. The … Continue reading Labor, Past and Present: Shawn Fain and Sidney Hillman
Former President Donald Trump and seven other Republican presidential hopefuls will take to the stage tonight, albeit separate ones, to make the case to the American people that they can save the working class. But if past is prologue, we can be confident this collection of wanna-be-presidents won’t have much in the way of substance to offer. For this week’s Closer Look, we want to … Continue reading Republicans’ Rap Sheet on Workers
The strike has begun. The United Auto Workers union has walked off the job amid their dispute with the Big Three automakers. Among their demands is a 36% pay increase across the life of their new four-year contract. At first glance, that might seem like a big jump, but in context, it’s actually a modest request for their wages to match the growth in productivity UAW workers … Continue reading The Gap Between 36% and 1,460%
Engines are revving for the United Auto Workers union as they line up to strike against the Big Three automakers. The UAW’s current contract with the Big Three – Ford, General Motors, and Stellantis – expires tomorrow, September 14, at 11:59PM ET. If the parties can’t reach an agreement on a new contract before then – and it’s looking very unlikely that they will – the 150,000 members of … Continue reading The UAW is revving up to strike
Last month, POLITICO published an article that detailed a new mortgage rule that the Federal Reserve is proposing. Specifically, the Fed is looking to disincentivize banks from offering low down payment loans to consumers by making them more expensive, with the aim of avoiding a repeat of the 2008 financial crisis. Civil rights and housing groups have joined forces with banks to push back against … Continue reading Bank Regulators Have Conflicting Goals
This weekend, heads of state of G20 member countries will travel to New Delhi, India for the 18th annual G20 summit. Attendees will discuss the most pressing issues related to the global economy, and the meeting will culminate in the adoption of a new G20 Leaders’ Declaration. Ahead of the summit, the Patriotic Millionaires led the charge with several of our allies – Oxfam, Millionaires for … Continue reading Dear G20 Leaders: Tax Extreme Wealth!
For huge swaths of the country, it’s Back to School week. But as schools open their doors and welcome students back, massive labor shortages are making it difficult to put teachers in classrooms, or even get students to school in the first place. And it’s no secret why: low pay has made it notoriously difficult for administrators to find educators and bus drivers. So it’s baffling that The New York … Continue reading Back to School for The New York Times
We at the Patriotic Millionaires spend a great deal of time talking about wealth inequality, from the drag it puts on our economy to the way it acts like jet fuel for extreme politics. But one aspect of wealth inequality we don’t regularly touch on is the emotional and human toll brought on by its effects. A recent New York Times guest essay asked a very simple … Continue reading Economic anxiety and the labor immune response
If you need more proof that America is slipping further and further into oligarchy, look no further than recent revelations about the Supreme Court. Oligarchy is a form of government in which a small group of typically wealthy and corrupt people wield power. It derives from the Greek words oligoi (“few”) and arkhein (“to rule”). Over at the Patriotic Millionaires, we regularly describe how oligarchs use their wealth to sway … Continue reading Oligarchy Comes for the Supreme Court
“We can have democracy in this country, or we can have great wealth concentrated in the hands of the few, but we can’t have both.” Supreme Court Justice Louis D. Brandeis (1856-1941) Last week, former President Donald Trump was indicted on charges related to his efforts to overturn the legitimate democratic results of the 2020 election. The announcement comes on the heels of Trump’s other two indictments: one … Continue reading We need to choose democracy
The average American spends $140 each year to prepare their tax returns. Tax Day is over for most of us, but the headache of being required to pay a private, for-profit company to fulfill a civil obligation never goes away. Thankfully, the IRS is developing and deploying a long-overdue solution. After conducting a successful cost and feasibility study, the agency announced that it will launch a pilot program for its own … Continue reading Intuit(ive) Solutions to UnBlock Free File
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