Patriotic Millionaire Stephen Prince: Senator Wyden’s Tax Proposal “A Key Step Towards Making the Wealthy Pay Their Fair Share”
“The current capital gains tax system is deeply inadequate, inherently regressive, and in dire need of transformative change.”
Washington, DC – Today, Senator Ron Wyden (D-OR) released a white paper on anti-deferral accounting, a new proposal to equalize tax rates on earned income and unearned income from wealth, and require wealthy investors to pay capital gains taxes on their increased wealth each year, rather than being able to defer payment until the sale of their assets. In response, Stephen Prince, founder and president of Card Marketing Services Inc. and Vice Chair of the Patriotic Millionaires, issued the following statement:
“Our tax code has given special treatment to wealthy investors for decades, consistently at the expense of all non-wealthy working Americans. The current capital gains tax system is deeply inadequate, inherently regressive, and in dire need of transformative change. But just raising the rate isn’t enough. There are too many ways for the wealthy to game the system, since they are the ones who paid for the lobbyists that have helped write them, and until those loopholes are addressed, tax fairness is going to remain a distant dream.
That’s why Senator Wyden’s white paper on anti-deferral accounting is so important – this is a key step towards making the wealthy pay their fair share just like every other working taxpayer. The rich shouldn’t receive special tax treatment just because we are rich. Period!”
For further comments or questions, please contact Fiona McCarthy at [email protected].
About the Patriotic Millionaires
Proud “traitors to their class,” members of the Patriotic Millionaires are high-net worth Americans, business leaders, and investors who are united in their concern about the destabilizing concentration of wealth and power in America. The mission of The Patriotic Millionaires organization is to build a more stable, prosperous, and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system. You can find out more at https://patrioticmillionaires.org/about/
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