Patriotic Millionaires Chair to Speak on Tax Fairness to Connecticut Lawmakers

Tuesday, April 11


April 11, 2017

Contact: Sam Quigley


**Watch the Patriotic Millionaires MEDIA REEL**



The carried interest tax loophole is the poster child of egregious tax loopholes that benefit a tiny number of wealthy and well connected people.


Hartford, CT – This afternoon, Chair of the Patriotic Millionaires Morris Pearl will speak in front of the Connecticut General Assembly’s Finance, Revenue, and Bonding Committee to urge them to support HB 7313, which would close the carried interest loophole in the state of Connecticut. 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. Facing inaction in Washington, lawmakers in Connecticut, New York, New Jersey, Massachusetts, and Rhode Island have proposed bills that would close the carried interest loophole at a state level, reintroducing fairness to the tax code and raising much-needed revenue for their states.


Below, please find an excerpt from Mr. Pearl’s statement to the Finance, Revenue, and Bonding Committee.


“The carried interest tax loophole is the poster child of egregious tax loopholes that benefit a tiny number of wealthy and well-connected people. This has been criticized from the left and the right, by Republicans and Democrats, by every major presidential candidate and tax policy expert. Nevertheless, it persists. The current Congress is not inclined to do anything to assess the rich their fair share of the nation’s tax burden.”


The responsibility, and the attendant opportunity to lead, fall into your hands. Here in Hartford, acting in concert with your colleagues in Albany, in Providence, in Trenton, and in Boston, you can change your state’s tax policy to strike one blow in favor of fairness and equity, and at the same time make available to the people of Connecticut $520 million dollars to use to meet their pressing needs,” said Morris Pearl, Chair of the Patriotic Millionaires.


For Mr. Pearl’s entire remarks, to schedule an interview, or for further comment, please contact Sam Quigley at




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


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







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