For Immediate Release
Tuesday, April 18, 2023
Patriotic Millionaires Head to Capitol Hill, Tell Congress to “Tax Us More” Warning Current Tax Code is Destabilizing the Nation and Promotes Inequality
Reps. Jimmy Gomez, Pramila Jayapal, Lloyd Doggett, Katie Porter, Greg Casar, and Steve Cohen Join Millionaires in Press Conference on Taxing the Rich
WASHINGTON, DC – Today, a coalition of more than two dozen Patriotic Millionaires will join six Congressional allies in a press conference outside the US Capitol. They will demand that Congress raise taxes on the wealthy and warn that the current tax code is destabilizing the nation by promoting inequality.
WHEN: Tuesday April 18th, 10:30 AM ET
WHERE: The House Triangle, US Capitol
SPEAKERS INCLUDE: Patriotic Millionaires Abigail Disney and Morris Pearl, Rep. Jimmy Gomez (CA-34), Rep. Pramila Jayapal (WA-07), Rep. Lloyd Doggett (TX-37), Rep. Steve Cohen (TN-09), Rep. Katie Porter (CA-47), and Rep. Greg Casar (TX-35)
CLICK HERE TO WATCH THE LIVESTREAM
At 10:30am ET, the Patriotic Millionaires will join Rep. Jimmy Gomez (Sponsor of the For the 99.5% Act), Rep. Pramila Jayapal (Sponsor of the Ultra-Millionaire Tax Act), Rep. Lloyd Doggett (Sponsor of the No Tax Breaks for Outsourcing Act), Rep. Steve Cohen (Sponsor of the Billionaire Minimum Income Tax Act), Rep. Katie Porter, and Rep. Greg Casar for a press conference about making the richest Americans pay more of what they owe the country.
The delegation of Patriotic Millionaires includes about two dozen business leaders, investors, and philanthropists. Throughout the day, the millionaires plan to meet with more than a dozen members of Congress and their offices to discuss raising taxes on the highest earners and changing the way the tax code treats both wealth and passive income.
The Patriotic Millionaires are asking Congress to do the following:
1. Tax all income over $1 million the same regardless of how it is generated, including capital gains income and inheritance income
2. Exempt all taxpayers earning below a “cost of living” wage from federal taxes and significantly raise tax rates on the highest income earners (with rates of up to 90% for those earning $100 million or more)
3. Constrain extreme wealth concentration by taxing wealth and/or unrealized capital gains and tying the level of tax to the level of inequality
Click HERE for a full breakdown of the newly-introduced Patriotic Millionaires tax policy agenda.
Throughout the day, a mobile billboard commissioned by the Patriotic Millionaires will circle Capitol Hill and the National Mall calling for tax increases on the richest Americans. The billboard will read:
Sincerely, the Patriotic Millionaires”
“Built within the American tax code are the seeds of our destruction,” said Erica Payne, Founder and President of Patriotic Millionaires. “Elites over decades have broken the social contract and left the nation in perpetual chaos. The only way to restore stability to this nation, the only way to fix this country, is to tax this country appropriately. That includes 90% tax rates on centi-millionaires and an aggressive wealth tax designed to make billionaires less rich.”
“Tax Day isn’t just a filing deadline – it’s also an annual reminder that the ultra-rich exist in an entirely separate world when it comes to taxes,” said Morris Pearl, Chair of Patriotic Millionaires and Former Managing Director at BlackRock. “For us, the loopholes are bigger, the rates are lower, and many rules are entirely optional. The tax code has been contributing to growing inequality for decades, and we’re reaching a point where the concentration of wealth is simply unsustainable. We need a change, or our economy and our democracy will not survive. For my future, my grandchildren’s future, and our country’s future, we need to tax the rich.”
For additional information or interview requests, please contact Emily McCloskey at [email protected].