For Immediate Release
Thursday, May 22, 2025
Patriotic Millionaires Denounce Passage of House GOP Reconciliation Bill
“This is the first major piece of legislation that Republicans have passed with their majority control, and it tells you everything you need to know about where their priorities lie. For them, tax cuts for rich folks like me come first—everything and everyone else be damned.”
WASHINGTON, DC – Early this morning, by a 215-214 vote and after several weeks of intense negotiations, House Republicans voted to pass their mega defense, immigration, tax, and spending package, entitled the One Big Beautiful Bill Act.
In response, Morris Pearl, Chair of Patriotic Millionaires and a former Managing Director at BlackRock, said:
“As expected, the House reconciliation bill is ‘big’ and ‘beautiful’ only for rich people like me. It permanently extends some of the worst, most regressive parts of their 2017 tax law that benefit the wealthy and corporations, while only temporarily extending the palatable bits that helped low- and middle-income families.
Rich people like me get, among other things, reductions in income tax rates and brackets, a higher estate tax threshold, and a host of tax breaks for the businesses we own. Meanwhile, in addition to disastrous cuts to Medicaid, Medicare, SNAP, and other vital services, working people enjoy limits on their ability to qualify for the Child Tax Credit, the repeal of personal exemptions, and the end of the popular Direct File program.
A bill that gives bread trucks to the wealthy and breadcrumbs with strings attached to low- and middle-income families is not cause for any degree of celebration, and the Republicans know it. They rammed through this 1,000+ page bill in the dead of night and shrouded their whole negotiation process in secrecy.
This is the first major piece of legislation that Republicans have passed with their majority control, and it tells you everything you need to know about where their priorities lie. For them, tax cuts for rich folks like me come first—everything and everyone else be damned. When push comes to shove, they are able to pull together, put their infighting aside, and deliver for their wealthy benefactors—even if it means sacrificing working people’s livelihoods and moving our country even further toward oligarchy.”
For interview requests with Morris Pearl or other members of the Patriotic Millionaires, please contact Emily McCloskey at emily@patrioticmillionaires.org.
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