It’s a tale as old as time: if you give the wealthy and corporations special tax breaks, they will invest their savings into the broader economy, which ultimately creates jobs and benefits everyone in the long run.
Our definition of patriotism is different than Trump’s
We recognize in times like this, it can be challenging to feel patriotic when faux patriotism is being used to tout tax cuts for the rich at the expense of the most vulnerable in our communities. That is why we here at Patriotic Millionaires would like to use both this Independence Day and this week’s Closer Look to reflect on what patriotism actually means, and to remind ourselves why we call ourselves the “Patriotic Millionaires.”
“Recession indicators” have been all the rage on social media over the last month. To avid scrollers, anything that was popular during the 2008 financial crisis that’s now making a comeback – from knee-high Converse sneakers, to Lady Gaga being back on the charts, to “Mamma Mia!” being back on Broadway – all signify that a recession is looming in America.
Recently, members of Congress, part of the Blue Dog caucus, published an op-ed in The Hill, asking readers: Our constituents have to balance their budgets every month—why can’t the federal government do the same?
America’s Most Regressive Tax Levy: Our Tax on Capital Gains
Our current effective tax rate on capital gains shrinks as the gains grow in size and duration, inviting the tax dodge — Buy–Hold for Decades–Sell — that’s driving America’s wealth concentration.
Unlike President Trump and congressional Republicans, we’re not letting go of our proposal to raise taxes on the rich. While they may have ideas and “concepts of a plan,” we are the ones with a legitimate, well-constructed legislative agenda that will deliver real and substantive relief to working people.
At a press conference in August 2024, while standing in front of a table stacked with grocery staples, then-presidential candidate Donald Trump said, “When I win, I will immediately bring prices down, starting on day one.” We’re now officially 100 days into Trump’s second presidency, and not only did the president break that promise, but he is actively pursuing a policy agenda that will make America’s checkout lines wildly more expensive than they already are.
We don’t think it’s too much to ask to have an IRS that is equipped to collect the taxes that Americans owe and to help working people file their returns without undue burden. It’s a pity that the Trump administration disagrees.
The nightmare scenarios anti-tax groups paint ignore the huge impact of ‘buy-hold for decades-sell’ tax avoidance on the taxes our ultra-rich end up paying.
Here at the Patriotic Millionaires, Tax Day serves as a yearly reminder that the ultra-wealthy can bypass many of the frustrating hurdles in our tax code at the expense of working people— and that it’s on us to continually call on lawmakers to raise our taxes. But now more than ever, we need Congress to act urgently, as we are facing an inequality crisis so extreme that it threatens the essence of our democracy.
There won’t be “empty chairs” at our Expert Town Hall
People are showing up in droves at town halls around the country to express their outrage over all the damage that Donald Trump, Elon Musk, and their DOGE cronies are wreaking. Unfortunately, they’re not getting much in the way of answers from their elected officials. That’s why we’ve decided to host our own Expert Town Hall – “How to Beat the Broligarchs” – on Monday, April 7th, beginning at 9:00 AM ET.
