Tag Archives: inequality

The real reason we want to raise taxes on the rich

My name is Bob Lord and I’m the Patriotic Millionaires’ Senior Advisor on Tax Policy. Before my time here, I practiced tax law for forty years and also ran for Congress back in 2008. We usually write this newsletter in the collective voice of the Patriotic Millionaires’ membership. This week though, I’d like to take the reins and give you my perspective on the new … Continue reading The real reason we want to raise taxes on the rich »

It’s the inequality, stupid

In the lead up to the 1992 Presidential election, James Carville famously coined the phrase “It’s the economy, stupid.” It soon became a mantra for Bill Clinton’s successful campaign. That was thirty years ago. With how much our country has changed since then, we’d like to suggest updating the famous refrain to “It’s the inequality, stupid.” Economic inequality has exploded in the US since Bill Clinton took office. … Continue reading It’s the inequality, stupid »

High Flyers – The Cost of Private Jets for the Rest of Us

There is perhaps no greater symbol for our current age of extreme wealth, inequality, and environmental devastation than private jets. Earlier this month, the Patriotic Millionaires co-released a report – High Flyers 2023: How Ultra-Rich Private Jet Travel Costs the Rest of Us and Burns Up Our Planet – with the Institute for Policy Studies about the negative impacts of the private jet industry on … Continue reading High Flyers – The Cost of Private Jets for the Rest of Us »

Why We Don’t Just Send a Check to the IRS

Last week’s 2023 Annual Spring Meeting was a smashing success! Over the course of two days, we hosted policymakers, experts, and activists in conversations about the need to restructure the economy to reduce inequality, and held dozens of meetings with key lawmakers on Capitol Hill to advocate for higher taxes on ourselves and other wealthy Americans. While we were hard at work fighting to transform … Continue reading Why We Don’t Just Send a Check to the IRS »

The Deadly Consequences of Inequality

If you grew up in America, then you almost definitely have heard some variation of the refrain: “America is the greatest country in the world.” It’s an idea that’s so commonplace that it’s more or less taken for granted. We boast of inventions like the airplane, the light bulb, the internet, and even the humble chocolate chip cookie. We are home to some of the … Continue reading The Deadly Consequences of Inequality »

Survival of the Richest

This week, over 2,700 world leaders are attending the World Economic Forum Annual Meeting in Davos, Switzerland – better known as simply “Davos.” Every year, elites from business, politics, and civil society meet at this annual conference held at an exclusive and luxurious Swiss ski resort to discuss humanity’s most pressing problems. And every year, they fail to make any real change because they refuse to … Continue reading Survival of the Richest »

Fighting Inequality at the State Level

We talk a lot about the American economy and the effect that decisions made by the federal government have on the lives and well-being of Americans all across the country. Because of that, it can be easy at times to think of the fight for economic justice as a purely national issue, something that just happens in Washington or in Congress and the White House. … Continue reading Fighting Inequality at the State Level »

Don’t Trust the “Good Billionaires”

Last week, we introduced you to our take on “The Tale of Two Billionaires.” For this week’s Closer Look, we want to take this story wider, and look at the billionaire class as a whole. There are only about 735 billionaires in the United States, but despite the fact that they could all fit on a single Airbus 380 jet, this group holds an immense amount of … Continue reading Don’t Trust the “Good Billionaires” »

A Letter to Bill Gates

Below is a letter sent to Bill Gates, founder of Microsoft and the Bill & Melinda Gates Foundation, on July 28, 2022 by Jeffrey R. Huggett, a member of the Patriotic Millionaires.   Dear Bill, Like so many others recently, I read your blog announcing substantial personal contributions to the Bill and Melinda Gates Foundation. Whereas I am thrilled about the important work you fund … Continue reading A Letter to Bill Gates »

Market Manipulation Is Just a Fancy Name for Fraud

This week all eyes have been on the JP Morgan market manipulation trial, where three former employees are accused of manipulating valuable metals futures to make a boatload of money for themselves and the bank.  While ‘market manipulation’ sounds like some complicated white collar crime, it’s really just a business term for ripping someone off. These men would create the illusion of a larger demand … Continue reading Market Manipulation Is Just a Fancy Name for Fraud »

Facing Inflation, Congress Must Raise the Minimum Wage

Nearly everyone is feeling the effects of inflation these days. With an 8.5% inflation rate over the last year, prices are rising in almost every sector of our economy, and millions of American families are having a harder time affording the essentials. While this is a widespread crisis, it’s one that is particularly devastating for our nation’s low-wage workers. The federal minimum wage currently sits … Continue reading Facing Inflation, Congress Must Raise the Minimum Wage »

Why Billionaires Don’t Stress About Tax Day

This past Monday was Tax Day, which is undoubtedly no American’s favorite holiday. But the pain of Tax Day is not shared by all. While the typical American pays a good amount of every paycheck in taxes and hopes to get a refund after submitting their return, the ultra-wealthy have a variety of tools at their disposal that allows them to keep Tax Day virtually … Continue reading Why Billionaires Don’t Stress About Tax Day »

Statistics Matter: Why Averages Aren’t Useful When Talking About the American Economy

When people talk about economic statistics and how people in the country are doing, they tend to use the word “average” a lot. We hear about the average family’s wealth, or the average personal income, or the average amount of debt. But thanks to out-of-control inequality, the average, or the total amount divided by population, is actually a pretty unhelpful statistic.  Let’s say we have … Continue reading Statistics Matter: Why Averages Aren’t Useful When Talking About the American Economy »

The economy could be worse, but it could absolutely be better

Last week, the Commerce Department announced that the American economy had a strong showing in 2021. Gross Domestic Product (GDP) grew 1.7% in the last quarter of 2021. bringing total annual growth for last year to 5.7%, the largest change that the US has seen since 1984. The Labor Department also shared some positive news. According to the agency, unemployment is very low in the US, with … Continue reading The economy could be worse, but it could absolutely be better »

Inequality Kills

Yesterday, the United States celebrated Martin Luther King Jr. Day. We hope that you were able to take some time to honor and celebrate King’s legacy, just as we hope Senate Democrats do by changing the filibuster to pass essential voting rights legislation. Because of the federal holiday, you might have missed the release yesterday of Oxfam’s new bombshell report Inequality Kills. The report lays … Continue reading Inequality Kills »

PM Abigail Disney’s film premieres at the 2022 Sundance Film Festival

Patriotic Millionaire Abigail Disney has been one of the most outspoken advocates on our issues for years, and we are excited to share the news of yet another incredible and impactful piece of work that her and her team have produced. The nonprofit Sundance Institute recently announced that The American Dream and Other Fairy Tales – a film that Abigail co-directed and co-produced – will … Continue reading PM Abigail Disney’s film premieres at the 2022 Sundance Film Festival »

Tax Avoidance is Making Inequality Worse

Last week we told you about the 2022 World Inequality Report, which outlines in stark detail just how bad income and wealth inequality have gotten around the world. In the US alone, the top 10% of earners now take home 45% of all income, while the bottom 50% takes just 13%. Wealth inequality is even worse, with the top 10% of wealth holders in the … Continue reading Tax Avoidance is Making Inequality Worse »

Inequality is Out of Control

If the last year has taught us anything, it’s that we can no longer ignore the widening disparity between the richest Americans and the rest of the country. We’ve seen billionaire wealth (and some billionaires themselves) skyrocket to unprecedented levels, while most Americans are just struggling to get by. This is simply unsustainable – we are reaching a point where inequality is so extreme that … Continue reading Inequality is Out of Control »

Inequality will not be solved with tax breaks for the rich

As Democrats in the Senate continue to debate the final details of what should be included in the Build Back Better Act, we want to take this week to shine a spotlight on why this piece of legislation is so important. Inequality in the United States and around the world is out of control. The recently-released 2022 World Inequality Report details just how bad this problem has gotten, and … Continue reading Inequality will not be solved with tax breaks for the rich »