Every year, the gap between the wealthiest Americans and the rest of the country grows wider and wider. While 40% of Americans would be unable to come up with $400 in an emergency, a select few wonder where they’ll park their next yacht. But we didn’t arrive to a reality where the richest 10% of Americans hold 70% of the countries’ wealth by accident. In … Continue reading “The Triumph of Injustice” and How to Tax Our Way Back
The myth that raising the minimum wage kills jobs has proven to be wrong, again. A new report from the US Federal Reserve found that there is no link between raising the minimum wage and job loss. The report compared low-wage leisure and hospitality workers in an area spanning the border of New York (which had raised its minimum wage) and Pennsylvania (which had not). … Continue reading The Fed Proves Raising the Minimum Wage Doesn’t Kill Jobs
There’s a lot of (welcome) discussion about taxing the rich these days, but so far, there hasn’t been substantive talk about the structural problems that got our country to its current inequality crisis in the first place. I think this is an absolutely vital narrative to communicate to the American public, because if we want to create lasting, sustainable change, voters need to know just … Continue reading We Have to Fix What Reagan Broke
State taxes make the meat-and-potatoes work of government possible, but nickel-and-diming poor people on their meager incomes is not the way to raise them.
Last week, the House of Representatives passed the Raise The Wage Act, which would increase the minimum wage to $15 an hour and tie it to inflation, with near-unanimous support from Democrats and near-unanimous opposition from Republicans. This is a momentous victory for workers, but self-proclaimed “grim reaper” Mitch McConnell casts a long shadow on any celebration. Surprising no one, McConnell promptly vowed not to … Continue reading Wages Don’t Kill Jobs, Corporations Do
The end of this month will mark a full decade since Congress has raised the federal minimum wage since it was first established in 1938. That’s 10 years that millions of workers across the country have gone without a single raise, trying to eke out a living on $7.25 an hour amidst surging rent and housing, rising costs of living, and inflation. It’s a shameful … Continue reading The Fight For $15 (Finally) Comes to Congress
This Sunday, June 16th 2019, Congress will add a dubious new record to its long history. This date will mark the longest ever period that the legislature has gone without raising the minimum wage since it first enacted a federal wage floor in 1938. Congress enacted the last hike, to the current minimum of $7.25 an hour, on July 24th, 2009. That means it’s been … Continue reading The Economy Has Changed. Why Hasn’t the Minimum Wage?
On Wednesday, May 15th, Patriotic Millionaire Abigail Disney appeared before the House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets to testify on out-of-control executive compensation in corporate America.
Today, April 22nd, 2019, is Earth Day. Right now, according to a coalition of the most knowledgeable scientists from across the world, we have less than 11 years to cut our emissions in half if we have any hope of stopping the most devastating, nature-collapsing consequences of climate change. While scientists and politicians (rightly) talk about renewable energy sources, carbon capture technologies, and climate mitigation, … Continue reading An Unequal Country Can’t Fight Climate Change
It’s Tax Day, so by now Americans have had a chance to see how their filings stack up against Trump’s promises. Working folks are largely unimpressed, but millionaires like us made out like bandits. When Republicans pitched the Tax Cuts and Jobs Act of 2017 (TCJA), they sold it as a tax break for the middle class, but despite lower income tax rates and a … Continue reading Thanks, But No Thanks: Stop Bleeding the Middle Class to Cut Our Taxes
Representative Alexandria Ocasio-Cortez believes that in order to pay for her Green New Deal, the US government should raise the tax rate on income over $10 million to up to 70 percent. Despite rabid opposition and cries of “socialism!” from conservative pundits and politicians, polls show the American people agree. People are tired of the growing concentration of wealth into the hands of a small … Continue reading Raising the Top Marginal Tax Rate Isn’t the Answer to Wealth Inequality (We Need to Think Bigger)
Today, Democrats in the House and Senate introduced the Raise the Wage Act of 2019. If successful, it would be the most important legislative win for workers in decades. The bill would: Raise the federal minimum wage to $8.55 in 2019 and increase it over the next five years until it reaches $15 an hour in 2024; Adjust the minimum wage every year after 2024 to … Continue reading It’s Time for a $15 Minimum Wage – A Look at the Raise the Wage Act
Tuesday, North Carolinians will be able to vote on a ballot initiative that would change the economic trajectory of our state for generations to come. I’m talking about the amendment to lower the maximum tax rate on incomes from 10% to 7%. If approved, this change would severely hurt our state’s ability to govern effectively, as well as compromise the integrity of our education system. … Continue reading North Carolina Tax Amendment Jeopardizes Students’ Futures
Every time I turn on the financial news, I see that the stock market (on average) has been rising for a record amount of time (3,453 days as of the writing of this piece). Every program trumpets this consistent rise in value as an incredible positive for the American people. But who’s it really helping? It’s been working for me. I made about $18,000 today … Continue reading I Made Money Today
One of the ills of American capitalism is the growing concentration of wealth in the hands of a few. At this very moment, the gap between rich and poor has never been wider, and it is only growing. As we are unable to even broach the discussion of maximum wages, we frequently argue over raising the minimum wage. These conversations quickly turn to ad hominems … Continue reading We Don’t Need or Want an Underclass to Look Down On
We may not be able to fix or eliminate inequality through our tax code, but let’s not make it worse.
When we discuss economics there are, very broadly, two types of people: First, there are regular people. They mostly need to work, and a lot of them try to save enough so that they can retire someday. Some of them succeed, but increasingly, many do not. Being a regular person means spending most of your income. Some live very well, and some live very poorly. … Continue reading My Tax Philosophy
I haven’t always been politically active. I spent most of my life working and helping raise my children, and I hated paying taxes just like most people. But two events in my life changed my attitude toward politics and taxes, and when I found Patriotic Millionaires I realized I had found a way to act on these new values.
I’m an investor, researcher, and the great-grandson of the meatpacker Oscar Mayer. I’m deeply concerned by the extreme inequalities of income, wealth and opportunity that have opened up in U.S. society.
Last week the Wall Street Journal Published an opinion piece by Michael Saltsman decrying San Francisco’s minimum wage hike.