Millionaires to Congress: Prove We Don’t Own You

Monday, May 01

Millionaires to Congress: Prove We Don’t Own You

The carried interest loophole allows wealthy money managers to pay a lower tax rate than ordinary working Americans.

When: Tuesday, May 2 at 10:30 AM ET

Where: United States Capitol, SVC-214

 

Washington, DC – Tomorrow morning, Chair of the Patriotic Millionaires Morris Pearl will join Senator Tammy Baldwin and Representative Sander Levin at a press conference to speak on tax reform and closing the carried interest loophole. In his remarks, Mr. Pearl will challenge members of Congress to come together to put the public mandate before special interests and close the carried interest loophole. The carried interest loophole unfairly allows wealthy investment managers to pay capital gains taxes on their earnings instead of income taxes, cutting their tax bill nearly in half, often to lower rates than ordinary working Americans.

 

This loophole’s continued existence relies upon the influence its beneficiaries have over members of Congress, influence which has shaped the tax code to line the pockets of some of the richest people in the country. The carried interest loophole is the poster child for the problem of money in politics, and closing the loophole would demonstrate to the American people that Congress is capable of putting the people’s interests before that of their wealthy donors. Senator Baldwin and Representative Levin have been tireless advocates for the closure of this egregiously unfair loophole, and the Patriotic Millionaires are proud to stand with them tomorrow in support of their efforts to reintroduce fairness to the tax code.

 

When: Tuesday, May 2 at 10:30 AM ET

Where: United States Capitol, SVC-214

To schedule an interview or for further comment please contact Sam Quigley, [email protected] or (202) 446-0489.

 

###

About the Patriotic Millionaires

 

The Patriotic Millionaires is a group of 200 high-net-worth Americans who are committed to building a more prosperous, stable, and inclusive nation. The group focuses on promoting public policy solutions that encourage political equality; guarantee a sustaining wage for working Americans; and ensure that millionaires, billionaires, and corporations pay a greater percentage of taxes. You can find out more at http://patrioticmillionaires.org/about/

 

The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at http://patrioticmillionaires.org/media