Albany, NY – Today, after the New York Senate chose this weekend to reject provisions in their annual budget that would have closed the carried interest loophole (an egregious loophole that allows billionaire private equity and hedge fund managers to cut their tax rate nearly in half), Morris Pearl, Chair of the Patriotic Millionaires and former managing director at BlackRock, Inc., released the following statement:
“Once again, Republican members of the New York Senate fought to protect their wealthy donors on Wall Street while ignoring the plight of the rest of the state. They just voted to leave the carried interest loophole open so that their donors, billionaire fund managers, can continue to pay a lower tax rate than teachers, janitors, or nurses. They voted to keep the flow of campaign cash running, consequences for the rest of the state be damned.
Closing the carried interest loophole would bring in $1.1 billion per year in New York alone – it’s impossible to justify leaving that amount of money on the table while the state is facing such a serious budget shortfall. I would challenge every member of the New York Senate who pushed to leave carried interest out of the budget to tell a child in a failing school or a homeless veteran that their wellbeing is less important than preserving a loophole for a few billionaires, but that would require them to actually meet with constituents who aren’t major donors. They’ve willfully disregarded their responsibility to the people of New York, and they should be ashamed.”
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