Patriotic Millionaires Welcome Bernie Sanders’s Wealth Tax Proposal to National Tax Debate

“We need each and every one of the 2020 presidential candidates to enunciate the problem clearly and put forth real, substantive solutions to wealth inequality in this country.”

Washington, DC – This morning, Senator Bernie Sanders (I-VT) released a wealth tax proposal entitled “Tax on Extreme Wealth” as part of his 2020 Presidential campaign platform. In response, Morris Pearl, former managing director at Blackrock, Inc., and Chair of the Patriotic Millionaires, issued the following statement:

“The wealthiest people in this country haven’t been paying their fair share for a long time, and part of that problem is because our tax code only taxes the wealthy based on how much income they choose to take each year. The very rich get money not from earning it each year, but from spending wealth that they have already made.  If our tax laws only target one without touching the other, then rich folks like me will continue to find ways to game the system and our inequality crisis will continue to get worse.

There are many ways to address wealth inequality, and Senator Sanders’s wealth tax proposal this morning is a welcome addition to our national tax debate. We need each and every one of the 2020 presidential candidates to enunciate the problem clearly and put forth real, substantive solutions to wealth inequality in this country. We are thrilled to see this proposal and look forward to more dialogue on this critical issue moving forward in the debates.”

For further comments or questions, please contact Fiona McCarthy at fiona@patrioticmillionaires.org.

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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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