Patriotic Millionaires: Ryan Is Still Missing the Point

Tuesday, June 20

PATRIOTIC MILLIONAIRES: RYAN IS STILL MISSING THE POINT

“Lowering tax rates does not create jobs. Period.

 

WASHINGTON DC –  Today, Speaker of the House Paul Ryan gave his first major speech on tax reform while at the NAM 2017 Summit. One thing was clear from this address: Ryan will continue to go to any lengths to pass off tax cuts for the wealthy as pro-growth legislation that would help Americans. Chair Morris Pearl sounded off this afternoon, saying:

 

“Does Representative Ryan have constituents in Wisconsin who are entrepreneurs, but who said: “If I am really successful and make it to the top tax bracket, I will only get to keep 65% of the profits — so I would rather not bother making any money at all”? I have yet to meet that business person.

 

What budding young entrepreneurs need is the social safety net in place, so that they can leave their nine-to-five jobs and start a new business in their garages (or in their local coffee shops) and not have to worry about their families going without health insurance.

 

Let me make this clear: lowering tax rates does not create jobs. Period. Lowering tax rates just makes the one percent even richer. If someone has a profitable idea, the United States of America is the best country in which to make a lot of money, and 65% of a lot of money is still a lot of money. If it is not a profitable idea, lowering tax rates to zero won’t help,” says Chair of the Patriotic Millionaires Morris Pearl, former managing director at BlackRock.

 

The Patriotic Millionaires believe it is time for Ryan to go back to the drawing board with tax reform.

 

To schedule an interview or for further comment, please contact Kelsea-Marie Pym at [email protected].

 

 

 

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 http://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 http://patrioticmillionaires.org/media