For Immediate Release
January 16, 2018
Contact: Sasha Grodsky
Patriotic Millionaires on carried interest provision: no more freeloading millionaires
By eliminating it, Governor Cuomo is leading the nation in restoring fairness to our tax code.
Washington, DC- This afternoon, following New York Governor’ Andrew Cuomo’s announcement that the 2018 New York state budget will include a provision that would close the carried interest tax loophole, the Chair of the Patriotic Millionaires Morris Pearl, former Managing Director at BlackRock, Inc., issued the following statement:
“The carried interest loophole has allowed millionaire fund managers to avoid taxes for far too long. This budget would demand that they pay the the same tax rate on their income that working people pay, raising billions of dollars in tax revenue for the state of New York and restoring a sense of fairness to our tax code at the same time.
It sends a powerful message that the rest of the country should take notice of: no more freeloading millionaires. The richest Americans, those who have benefited the most from what this country and the state of New York have to offer, must contribute their fair share.
The carried interest loophole – a fundamental mischaracterization of income that allows for some asset managers to pay a tax rate that is half what every other working American pays – is the poster child for money overcoming logic and decency in our public policy process. This loophole benefits a few thousand of the richest Americans, and allows them to pretend that their labor income is actually investment income, while offering absolutely no economic benefit to anyone else. By closing this loophole, Governor Cuomo is showing that government is capable of working for the people, not just a wealthy few.”
To schedule an interview or for further comment, please contact Sasha Grodsky 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/
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 https://patrioticmillionaires.org/media
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