Patriotic Millionaires Release Statement on Maryland Bill to Close the Carried Interest Loophole

Wednesday, March 01


March 1, 2017

Contact: Sam Quigley


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“Passing this bill will send a powerful message that the government is controlled by the people”


Annapolis, MD – In response to Senator Pinsky and Delegate Tarlau’s introduction of SB0605 and HB915, bills intended to close the carried interest loophole in the state of Maryland, Patriotic Millionaires and Maryland residents TJ Zlotnitsky and Fred Rotondaro released the following official joint statement this morning.


“There is no reasonable justification for the continued existence of the carried interest loophole. Money managers making tens or even hundreds of millions of dollars shouldn’t pay a lower tax rate than teachers, nurses, and police officers. Capital gains tax rates exist to encourage people to invest their own money and take risks that help grow the economy. The money managers taking advantage of the carried interest loophole don’t invest their own money and don’t take any risks, so why should their fees be taxed as capital gains instead of income? Their share of their clients’ profits are simply management fees, and should be treated as such.


The carried interest loophole has allowed a few thousand wealthy individuals to further enrich themselves while regular Americans pay the price. With these bills Maryland has a unique opportunity to be a national leader on this important subject, and passing them will send a powerful message that the government is controlled by the people, not wealthy special interests,” said Patriotic Millionaire Fred Rotondaro, Chair of Catholics in Alliance for the Common Good, and TJ Zlotnitsky, Chairman and CEO of iControl Data Solutions.


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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


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