Tag Archives: Taxes

Ron Johnson: Misguided or Shilling for the Rich?

If you were a rich Wisconsinite striving to get even richer and you had little regard for intellectual honesty or the well-being of your fellow citizens, you would agree with Sen. Ron Johnson’s remarks at last month’s Senate Finance Committee hearing. Otherwise, you’d find the senator’s views troublesome, to say the least. I was a witness at that hearing. Johnson asked me to agree with … Continue reading Ron Johnson: Misguided or Shilling for the Rich? »

A CEO Makes the Business Case for the American Stability Act

This is John Driscoll again. If you remember, I’m the Patriotic Millionaire who wrote to you a few weeks ago to give you a full rundown on the state of wages in America, and why there’s a strong business case for paying people higher wages. It’s been almost a week since Representative Summer Lee (PA-12) introduced the American Stability Act with the support of our organization and a (growing!) number of … Continue reading A CEO Makes the Business Case for the American Stability Act »

Pass the American Stability Act!

America is suffering from twin wage and tax crises, and today, the Patriotic Millionaires are excited to announce a bold, innovative solution we’ve worked on with our allies on the Hill! Today, with support from our organization and a number of cosponsors, Representative Summer Lee (PA-12) has introduced the American Stability Act, a landmark bill which will enact the largest wage increase and tax cut for … Continue reading Pass the American Stability Act! »

The New York Times is Validating What We’ve Been Saying

For what feels like forever, the Patriotic Millionaires have been talking about the need to tax unrealized capital gains. We’ve been talking about the need to uplift workers affected by the job loss and union decline brought on by deindustrialization. And last, but certainly not least, we’ve been talking about the looming expiration of many provisions of the 2017 GOP Tax Cuts and Jobs Act … Continue reading The New York Times is Validating What We’ve Been Saying »

Broligarchs Are Wrong About Unrealized Gains

Tech broligarchs’ weird adoration of Donald Trump is problematic for a number of reasons, but their fears about having taxes levied on their unrealized capital gains may explain why they’re so willing to abandon the basic tenets of democracy to support their fellow billionaire. In June, we told you about a coterie of billionaires who, despite publicly disavowing Trump after the January 6th Capitol attack, had come … Continue reading Broligarchs Are Wrong About Unrealized Gains »

No Tax On Tips Isn’t Very Pro-Worker

Turns out, the biggest pro-worker piece of Donald Trump’s proposed economic agenda isn’t very pro-worker after all. On June 9, at a campaign rally in Las Vegas, Trump pledged to eliminate taxes on tipped income if he wins the White House again. It was a fitting pitch for the location, given that Nevada, a swing state in the upcoming election, has the highest concentration of tipped workers in the US. Since … Continue reading No Tax On Tips Isn’t Very Pro-Worker »

What You Need to Know About Kamala Harris’ Record on Taxes

The past month will go down as one of the most dramatic four-week periods in American history. This past Sunday, after several weeks of speculation, President Biden announced that he would step out of the 2024 presidential race. Shortly after the news broke, our Chair, Morris Pearl, released a statement on behalf of our organization, lauding Biden for his “unrivaled act of selfless patriotism.” You can read … Continue reading What You Need to Know About Kamala Harris’ Record on Taxes »

The Economist is Wrong About Unrealized Capital Gains 

I have been a subscriber to and reader of The Economist for almost 20 years. I have appreciated their balanced and intelligent coverage of world events, with a perspective of classical economic liberalism (free markets, free trade, deregulation, and globalism). Yet I find myself in the unusual position of taking issue with two of their recent articles: “How to tax billionaires – and how not … Continue reading The Economist is Wrong About Unrealized Capital Gains  »

Project 2025 Will Be a Tax Nightmare

Republicans have done a lot of damage to the American tax code over the years by giving massive and harmful cuts to the wealthy and corporations. But if they win back the White House and get the chance to implement Project 2025, that damage will be supercharged to another level. We told you about Project 2025 on July 4th, and it’s since received a great deal … Continue reading Project 2025 Will Be a Tax Nightmare »

Corporate Tax Cuts Help No One But The Wealthy

We’ve known for a while that next to none of the spoils from the 2017 Trump tax bill’s infamous corporate tax cut trickled down to workers. But now, thanks to recent reporting from some of our allies, we’re more certain than ever that the cut’s benefits instead gushed up to wealthy shareholders like many of us. One of the major provisions of the 2017 Tax … Continue reading Corporate Tax Cuts Help No One But The Wealthy »

We Need A Coordinated Minimum Tax on Billionaires

We’ve known for a while now that our desire for lawmakers around the world to raise taxes on wealthy people like us isn’t fringe. But now, we officially have the numbers to back it up – and a blueprint for how international leaders can institute minimum standards for taxing the global rich. The last time we discussed our international work was back in April. A lot has … Continue reading We Need A Coordinated Minimum Tax on Billionaires »

The Cold Hard Facts about the TCJA

If you’re a regular reader of our newsletter, you know how often we talk about the Tax Cuts and Jobs Act (TCJA), which is former President Trump and Republicans’ signature tax bill from December 2017. And if you know how much we talk about the TCJA, you know how often and how loudly we say the package delivered a massive windfall to the ultra-wealthy and corporations. We … Continue reading The Cold Hard Facts about the TCJA »

What Patriotism Means on Tax Day

Here we are again: Tax Day. Every year, millions of Americans gather their W-2s and 1099s, compile their receipts, their mortgage interest 1098s, and a dizzying array of other tax forms. Then, the vast majority fire up tax filing software from the likes of Intuit or H&R Block. Taxpayers in a few states may take advantage of the IRS’s new Direct File pilot program. Others will … Continue reading What Patriotism Means on Tax Day »

That’s a Wrap: Patriotic Millionaires’ 5th Annual Spring Symposium

We are happy to report that the Patriotic Millionaires’ fifth annual Spring Symposium, “How to Fix Everything,” was a smashing success! Over the course of three days this week, we engaged with activists, policy experts, and lawmakers about the critical need to raise taxes on the rich, raise the wage floor, and strengthen American democracy. Now that it’s over, we’d like to share some of … Continue reading That’s a Wrap: Patriotic Millionaires’ 5th Annual Spring Symposium »

How to Fix Everything

Next week, members of the Patriotic Millionaires will gather in Washington, DC for our fifth annual symposium, “How to Fix Everything.” The three-day event has become the highlight of the Patriotic Millionaires’ annual calendar. Our members gather together for strategy sessions with academics, activists, and lawmakers to discuss how to transform the economy and make it work for every American, and not just a wealthy … Continue reading How to Fix Everything »

Corporations are Supercharging Inequality

We always knew that corporations and their C-suite executives were hoarding profits and driving inequality through the roof, and now our friends at Oxfam, the Institute for Policy Studies, and Americans for Tax Fairness have fresh data to prove it. This week, Oxfam published its analysis of the largest 200 public companies’ contributions to inequality in the US, aptly called the Corporate Inequality Footprint. In short, … Continue reading Corporations are Supercharging Inequality »

Taxes are having a moment

Taxes are having a moment. Tomorrow night, President Biden will deliver his annual State of the Union address before both houses of Congress. He is expected to touch on a number of critical issues, but early reports suggest the President will emphasize economic populism, and in particular, call for the ultra-wealthy and corporations to pay more in taxes. In what may be his biggest televised appearance before … Continue reading Taxes are having a moment »

Our First Endorsements of 2024

We hate to kick things off with a cliché, but it’s an important one: elections have consequences. While cynics will dismiss elections as a rubber stamp on the status quo, the reality is that two starkly different realities are possible in January of 2025. In one of those realities, a newly inaugurated President Trump kicks off his second term with a series of vengeful abuses of … Continue reading Our First Endorsements of 2024 »

Breadcrumbs for the Poor and Bread Baskets for Corporations

The new bipartisan tax deal is just the first of many battles that will ensue over the next year with the expiration of a number of the 2017 Trump tax cuts. Unfortunately, Democrats just can’t seem to help themselves. Instead of standing up and demanding what America really needs – a smart tax code that incentivizes the society they want – they have once again gone … Continue reading Breadcrumbs for the Poor and Bread Baskets for Corporations »