For Immediate Release
Thursday, June 3, 2021
Contact: Will Whitmire
Patriotic Millionaires Urge President Biden Not to Compromise on Corporate Taxes
“The American people deserve real solutions, not bipartisan posturing.”
Washington, DC – Today, the Washington Post reported that President Biden offered a compromise corporate tax proposal to Republicans that would impose a new minimum corporate tax of 15 percent, instead of his initial proposal of raising the corporate tax rate from 21 to 28 percent. Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement in response:
“While we are generally supportive of tax minimums, the compromise the Biden administration is reportedly offering on corporate taxes is not good enough, full stop. Americans overwhelmingly support raising corporate taxes, especially when used as a pay-for. With a bipartisan majority of American voters backing him on this issue, President Biden must stand strong on all aspects of his plan to raise corporate taxes.
Corporations and Republicans in Congress should not get to drive the debate on corporate taxes when they stand opposed to any increases at all. Compromising with Republicans for the sake of saying a deal is bipartisan cannot be the fix to a decades-long problem that has allowed corporations to get off without paying their fair share. The American people deserve real solutions, not bipartisan posturing. If the choice is between a good deal and a bipartisan deal, as it appears to be, President Biden must choose the deal that does the most for the American people. We urge the President to deliver on his promise to the American people and not compromise on corporate taxes.”
For further comments or questions, please contact Will Whitmire 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/